All the pending notifications on the Export-Import (Exim) Policy will be issued within a week, Commerce and Industry Minister Arun Shourie informed the Rajya Sabha on Monday.
Replying to a 'calling attention motion' on the crisis in the plantation sector, Shourie said that henceforth all the notifications would be issued simultaneously with the policy document.
This was decided after a meeting between Shourie and Finance Minister Jaswant Singh. Shourie said he was 'very emphatic' these long-pending notifications on Exim policy announcements would be issued within a week.
"Notifications do not come for several months after announcement of the Exim Policy," Shourie said.
The commerce minister said that in future whenever the changes were done, these would be effected in consultation with the finance ministry officials so that unnecessary delays were avoided.
He also agreed to work on the suggestion made by senior Congress member Pranab Mukherjee that in future the notifications should be vetted both by the Directorate General of Foreign Trade and the Revenue Department.
Most of the notifications pertain to tax incentives provided in the Exim policy which come out every year on March 31, he said adding his ministry was prepared to send draft of the notifications to the revenue department to speed up the process.
To tackle this woe of exporters, Shourie said in future the announcements in Exim policy would be made only after consultation with the revenue department to avoid any objections later.
Also, such consultations between DGFT and revenue department would help in ensuring that there are no varying interpretations of the tax incentives by the customs department, he said.
UNI & PTI
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