As per the government’s recent announcement, the requirement of minimum import price (MIP) for specific synthetic knitted fabrics will not apply to companies holding advance authorizations, export-oriented units, and businesses located in special economic zones.
Currently, certain synthetic knitted fabrics have a MIP of $3.5 per kg. However, inputs imported by holders of advance authorizations, export-oriented units, and units within SEZs (special economic zones) will be henceforth exempted from this rule, the Directorate General of Foreign Trade (DGFT) stated in an official notification.
In a separate trade notice, the DGFT mentioned the introduction of a new field labeled 'Mode of Export of Services' in the electronic Bank Realisation Certificates (eBRC) format for service exports. This change will be effective for documents generated on or after May 1, 2025.
The addition of this field aims to enhance the detail and accuracy of data related to service exports, the DGFT explained.
The e-BRC is a digital certificate issued by banks to exporters, confirming that payment for an export transaction has been received in a foreign currency.
This change also aligns India's data collection policy with international standards under the WTO General Agreement on Trade in Services (GATS), the notice added.
This new field, corresponds to the four ways services are traded: cross-border supply (like IT services, remote consulting, telemedicine); consumption abroad (tourism, medical treatment in India, foreign students); commercial presence (overseas branches of Indian banks, subsidiaries of IT companies); and the presence of natural persons (engineers, doctors, IT professionals on assignment).
