Commerce ministry blacklists Airtel for non-fulfilment of export obligation
PTI, Jan 29, 2020, 10:11 AM IST
New Delhi: The commerce ministry has put Bharti Airtel in the denied entry list for non-fulfilment of export obligation under an export promotion scheme, sources said.
The Directorate General of Foreign Trade (DGFT), which is under the ministry, has put the company under this list which is commonly known as backlist for non-fulfilment of export obligation in respect of certain EPCG authorisation issued to them, they said.
Airtel sources said, “Airtel has not taken any such licence since April 2018, as there is no operational requirement. In fact, the company has already applied for the closure of all past licences that were due and is awaiting approval from the authorities.”
An e-mail sent to the company did not elicit any immediate response.
Due to this, the company will not be able to avail any export benefit or licence from the DGFT.
The Export Promotion Capital Goods (EPCG) is an export promotion scheme. Under this, the import of capital goods are allowed at zero customs duty for manufacturing quality goods and services.
Under the scheme, capital goods imported at zero duty must fulfil EPCG export obligation equivalent to 6 times of duty saved on the capital goods.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
India not reaping benefits of democratic dividend: Raghuram Rajan
Markets slump for third day on fears of escalating tensions in Middle East; IT stocks drag
Tesla is planning to lay off 10 of its workers after dismal 1Q sales, multiple news outlets report
With just Rs 150 base airfare take a 50-minute flight
Byju’s founder Raveendran to take over firm’s daily operations after CEO Mohan’s resignation
MUST WATCH
Latest Additions
Nadda Says NE’s Integration with Rest of India Completed Under Modi Government
Odisha: Cong announces names of candidates for four more assembly seats
Rahul Gandhi lacks the bravery to run in the Amethi election, claims Rajnath Singh
Bangalore North: BJP leader Karandlaje being ‘controversial’ is plus for me: Cong’s Rajeev Gowda
IPL: Down with hip strain, RCB’s Maxwell unlikely to play against KKR on Sunday