The Directorate General of Foreign Trade in India has a scheme with an objective of recognizing established exporters in India. Under this scheme exporters are recognized as Export House, Trading House, Star Trading House and Super Star Trading House. For getting a Star Trading House recognition, the average FOB (free on board) value of exports during the preceding three licensing years needs to be at least Rs. 375 crores.
In India, Section 2(5) of the Finance (No. 2) Act, 1962 provides for a tax concession in the case of profits derived from the export of goods or merchandise out of India. If the export profits are set off against any losses in the process of computing the total income, no tax concession will be available.
Below is a list highlighting 15 of India’s top trading partners in terms of countries that imported the most Indian shipments by dollar value during 2018. Also shown is each import country’s percentage of total Indian exports.
United States: US$51.6 billion (16% of total Indian exports)
United Arab Emirates: $29 billion (9%)
China: $16.4 billion (5.1%)
Hong Kong: $13.2 billion (4.1%)
Singapore: $10.4 billion (3.2%)
United Kingdom: $9.8 billion (3%)
Germany: $9 billion (2.8%)
Bangladesh: $8.8 billion (2.7%)
Netherlands: $8.7 billion (2.7%)
Nepal: $7.3 billion (2.3%)
Belgium: $6.8 billion (2.1%)
Vietnam: $6.7 billion (2.1%)
Malaysia: $6.5 billion (2%)
Italy: $5.5 billion (1.7%)
Saudi Arabia: $5.5 billion (1.7%)
About three-fifths (60.4%) of Indian exports in 2018 were delivered to the above 15 trade partners.
Export promotion leads to expansion of goods for the foreign market. These goods earn foreign exchange that can be used to facilitate development. Export promotion industries have a wide market for their produce for both domestic and foreign markets. They are therefore able to produce for a greater capacity.
Star export house is an Indian exporter who has excelled in international trade and successfully achieved certain minimum amount of export performance in two out of three financial years. Two star and above export houses are permitted to establish export warehouses as per Department of Revenue guidelines.
Duty Entitlement Passbook Scheme (DEPB) is an export incentive scheme implemented by the Indian Government to the exporters of the country. The scheme refunds duties that are paid by the exporters in the form of credit.
Types of export incentives include export subsidies, direct payments, low-cost loans, tax exemption on profits made from exports and government financed international advertising.
Export House is defined as a registered exporter holding a valid Export House Certificate issued by the Director general of Foreign Trade in India.
The aim of Merchandise Exports from India Scheme (MEIS) is to offset infrastructural inefficiencies and associated costs involved in export of goods or products, which are produced or manufactured in India, especially products having high export intensity, employment potential and to enhance India’s export.
Bank Realisation Certificate (BRC) is issued by Banks based on realisation of payment against export by an Exporter. Any firm applying for benefits under Foreign Trade Policy is required to furnish valid BRC as a proof of realisation of payment against exports made.
No, RCMC is not required for Import. Instead RCMC is required for Exports. RCMC is Registration-cum-Membership Certificate.
Agricultural & Processed Food Products Export Development Authority (APEDA) is a government organization established in 1985 through an act for the development and promotion of export of scheduled products.
In India, It is necessary for the exporter to become a member of the appropriate export promotion council and obtain a Registration Cum Membership Certificate (RCMC) for availing benefits available to export firms from the Government like duty exemptions. These councils also provide incentives to the exporters.
The Directorate General of foreign Trade (DGFT) is the agency of the Ministry of Commerce and Industry of the Government of India, responsible for execution of the import and export Policies of India. It was earlier known as Chief Controller of Imports & Exports (CCI&E) till 1991.
To start export business, the following steps may be followed :
1) Establishing an Organisation.
2) Opening a Bank Account.
3) Obtain Permanent Account Number (PAN)
4) Obtain Importer-Exporter Code (IEC) Number.
5) Obtain Registration cum membership certificate (RCMC)
6) Select products to Export
7) Select Markets
8) Find Buyers
9) Do Sampling
10) Pricing/Costing depend on Market and Products
11) Negotiation with Buyers
12) Cover Risks through ECGC
Export Promotion Capital Goods (EPCG) Scheme helps facilitate import of capital goods into India for producing quality goods and service and to enhance India’s export competitiveness. EPCG scheme allows for import of capital goods used in pre-production, production and post-production at zero customs duty.
Export promotion councils (EPC) are advisory bodies that actively contribute to the policies of Government of India and acts as an interface between the industry and the Government
Importer Export Code (IEC) / Business Identification Number (BIN): IEC Code is unique 10 digit code issued by D.G.F.T, Ministry of Commerce, Government of India to Indian companies. It is mandatory to have IEC Code and BIN number for import or export to India.
Incorporated in 1978, AEPC is the official body of apparel exporters in India that provides invaluable assistance to Indian exporters as well as importers/international buyers who choose India as their preferred sourcing destination for garments.
Merchandise Export from India Scheme. The Government of India has introduced Merchandise Exports from India Scheme (MEIS) through the Foreign Trade Policy (FTP) 2015-20 w.e.f. April 1, 2015. It seeks to promote export of notified goods manufactured/ produced in India.
RCMC (Registration Cum Membership Certificate) is a membership certificate issued for 5 years by Export Promotional Councils or commodity board of India. This certificate is issued as a proof that any particular exporter is registered with the council
Federation of Indian Export Organisations – Federation of Indian Export Organisations (FIEO) is the apex trade promotion organisation in India set up by the Ministry of Commerce, Government of India, and private trade and industry in 1965. The organisation is responsible for representing and assisting Indian entrepreneurs and exporters in foreign markets.
In India, Exporters are required to furnish quarterly returns and details of their exports to the concerned EPC. However, the status holders can submit quarterly returns to the FIEO in a specified format. De-registration: Registering authority may de-register an RCMC holder for violation of conditions of registration.
In India, As per the Foreign Trade Policy, an exporter is required to get a Registration-cum-Membership Certificate (RCMC) for availing various benefits under the Policy. For registration purposes, FIEO has been recognized by the Government as an Export Promotion Council.
If you have ever heard it’s good to freeze spices and herbs forget it! Condensation will be a problem each time the jar or bag of spice comes out of the freezer and is likely to introduce unwanted moisture to the spices. This is why ground spices have a shorter shelf life than whole spices or seeds.
Spices with the Highest Average Antioxidants Content are Clove, Peppermint, Allspice, Cinnamon, Oregano, Thyme, Sage, Rosemary etc.
Here’s a look at spices and herbs with proven cardiovascular benefits.
Cinnamon : Lowers cholesterol and blood sugar.
Chili peppers : May lengthen life and lower heart attack and stroke risk.
Turmeric : Fights inflammation, gum disease and depression.
Garlic : Lowers blood pressure and boosts heart health.
There are many different herbs that can help you reduce or prevent inflammation in your body. Some of them are Turmeric (Curcumin), Green Tea, Maritime Pine Bark (Pycnogenol), Chili Peppers (Capsaicin), Frankincense (Boswellia serrata), Black Pepper, Resveratrol, Cat’s Claw (Uncaria tomentosa), Rosemary, Cloves, Ginger, Cinnamon etc.
Herbs That May Help Lower High Blood Pressure include Basil, Cinnamon, Cardamom, Flax seed, Garlic, Ginger, Hawthorn, Celery seed, French lavender, Cat’s claw etc.