NewAfter the announcement of National Pharmaceuticals Pricing Policy – 2012, Drugs (Prices Control) Order, 2013 (DPCO, 2013) was notified on 15.05.2013. As per the provisions of DPCO, 2013 all the existing manufacturers of scheduled formulations, selling the branded or generic or both the versions of scheduled formulations at a price higher than the ceiling price (plus local taxes as applicable) so fixed and notified by the Government under DPCO, 2013, shall revise the prices of all such formulations downward not exceeding the ceiling price (plus local taxes as applicable). All the existing manufacturers of scheduled formulations, selling the branded or generic or both the versions of scheduled formulations at a price lower than the ceiling price (plus local taxes as applicable) so fixed and notified by the Government shall maintain their existing maximum retail price. Further, as per the provisions of DPCO, 2013 the manufacturers shall have to implement the notified ceiling price within a period of 45 (forty five) days from the date of notification. NPPA has notified the ceiling prices for 300 essential medicines. In all these cases, prices have reduced significantly as compared to highest price of that particular medicine as per data furnished by IMS-Health.
Rate of Interest Subvention Increased from 2% to 3%
Presently the rate of Interest Subvention for credit obtained by exporters is 2%. There has been persistent demand to both increase the rate of subvention and also to widen the coverage. At present, all exporters who are micro and small enterprises, irrespective of the export sector, are beneficiaries of this scheme. In addition, the exporters belonging to the following sectors are eligible to receive interest subvention : (i) Handlooms (ii) Handicraft (iii) Carpets (iv) Toys and Sports Goods (v) Processed Agricultural Products (vi) Readymade Garments (vii) 235 tariff lines in Engineering Sectors, and (viii) 6 tariff lines in Chapter 63 of ITC(HS) (textiles made ups).
The Commerce Minister had taken up this issue with the Finance Minister. Both the Ministers have met on Friday 26th July to consider this request from our exporters. It has now been decided by the Government to increase the rate of Interest Subvention from the existing 2% to 3%. All pending claims would also be cleared immediately
This will benefit the exporters of small and medium enterprises and also the most of the labour intensive sectors. Their cost will come down appropriately by increase in the rate of interest subvention. The Commerce and Industry Minister has convened a meeting of Board of Trade (BoT) on 27th August, 2013 to review the current situation and the international trade scenario
India’s Foreign Trade: June, 2013
EXPORTS (including re-exports)
Exports during June, 2013 were valued at US $ 23785.64 million (Rs. 138901.73 crore) which was 4.56 per cent lower in Dollar terms (0.53 per cent lower in Rupee terms) than the level of US $ 24923.11 million (Rs. 139644.68 crore) during June, 2012. Cumulative value of exports for the period April-June 2013 -14 was US $ 72455.67 million (Rs. 405104.78 crore) as against US $ 73491.77 million (Rs. 397884.01 crore) registering a negative growth of 1.41 per cent in Dollar terms and growth of 1.81 per cent in Rupee terms over the same period last year.
Imports during June, 2013 were valued at US $ 36034.74 million (Rs.210433.14 crore) representing a negative growth of 0.37 per cent in Dollar terms and growth of 3.84 per cent in Rupee terms over the level of imports valued at US $ 36167.56 million (Rs. 202647.54 crore) in June, 2012. Cumulative value of imports for the period April-June, 2013-14 was US $ 122635.73 million (Rs. 684167.73 crore) as against US $ 115708.50 million (Rs. 625872.80 crore) registering a growth of 5.99 per cent in Dollar terms and growth of 9.31 per cent in Rupee terms over the same period last year.
CRUDE OIL AND NON-OIL IMPORTS:
Oil imports during June, 2013 were valued at US $ 12767.7 million which was 13.74 per cent higher than oil imports valued at US $ 11225.6 million in the corresponding period last year. Oil imports during April-June, 2013-14 were valued at US $ 41875.0 million which was 6.40 per cent higher than the oil imports of US $ 39357.4 million in the corresponding period last year. Non-oil imports during June, 2013 were estimated at US $ 23267.0 million which was 6.71 per cent lower than non-oil imports of US $ 24942.0 million in June, 2012. Non-oil imports during April - June, 2013-14 were valued at US $ 80760.7 million which was 5.78 per cent higher than the level of such imports valued at US $ 76351.1 million in April-June, 2012-13.
The trade deficit for April-June, 2013-14 was estimated at US $ 50180.06 million which was higher than the deficit of US $ 42216.73 million during April-June, 2012-13.
CBEC Extends 24x7 Customs Clearance Facility for Export Cargo from 1ST July, 2013
Beginning 1st July, 2013, Customs clearance of all export goods will take place on 24x7 basis from four major Air Cargo Complexes/airports i.e., Bangalore, Chennai, Delhi and Mumbai. Thus, all exports including those made under export incentives scheme as well as duty drawback scheme will now be able to be move out of the country on 24x7 basis. Government expects this initiative to greatly facilitate the exporting community and boost the country’s export by reducing dwell time and enabling exporters to meet their deadlines
The expansion of the 24x7 facility at the four major Air Cargo Complexes/Airports follows closely on the heels of similar customs clearance facility for exports made under Free Shipping Bills i.e. without claiming export incentives with effect from (w.e.f.) 1st June, 2013 from all thirteen (13) EDI connected Air Cargo Complexes/Airports in the country. These 13 Air Cargo Complexes/Airports are Ahmedabad, Amritsar, Cochin, Calicut, Coimbatore, Goa, Hyderabad, Indore, Jaipur, Kolkata, Nashik, Vishakhapatnam and Thiruvananthapuram
The extension of 24x7 customs clearance facility for imports and exports has been under consideration of Government for some time. Thus, last year w.e.f. 1st September, 2012, the customs began functioning on 24x7 basis to clear select export consignments under Free Shipping Bills as well as identified import consignments which were facilitated by its Electronic Risk Assessment System. This was begun on pilot basis at four ports i.e. Chennai, JNPT, Kolkata and Kandla and four airports i.e., Bangalore, Chennai, Delhi and Mumbai. The facility was welcomed by the trade and industry which appreciated the fact that the customs had taken this step to facilitate exports despite facing serious staff constraints. The present expansion of the 24x7 customs clearance facility to all exports from identified customs stations addresses the requirement of exporters who export under export incentive schemes and would allow them to exploit their full potential.