Page 156 - CW E-Magazine (13-8-2024)

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CAPITAL GOODS IMPORT

DGFT announces simplifi cation of EPCG scheme

to make compliance easier

The Directorate General of reducing pressure on businesses to It was also decided that Policy
Foreign Trade (DGFT) has announced meet timelines. Relaxation Committee (PRC) decisions
changes for simplifi cation of the regarding export obligation extensions
Export Promotion Capital Goods Additionally, a simplified and and regularisation of exports will be
(EPCG) scheme making it easier for reduced composition fee structure for implemented with a levy of uniform
exporters to comply with regulations extending the export obligation (EO) composition fee making it easier to
and reducing the time and effort period has been introduced to minimise implement through the system.
required to meet requirements, as per manual intervention, streamline com-
the government. pliance and speed up service delivery, “These updates make it easier for
according to a statement issued by the exporters to comply with regulations,
The scheme, which allows import Commerce Department. reducing the time and effort required to
of capital goods for pre-production, meet DGFT requirements. By expan-
production and post-production at zero “These changes align with the com- ding automated rule-based processes,
customs duty against an obligation to mitment of the government to create a DGFT aims to reduce human interven-
export, will now provide exporters an more business – friendly environment tion, mitigate risks and improve overall
extended period to submit installation and improving India’s manufacturing effi ciency in trade facilitation,” the
certifi cates for imported capital goods, competitiveness,” the statement said. release pointed out.

PETROLEUM PRODUCTS
IOC’s dedicated jetty at Kamarajar Port to be

operational by Dec

Indian Oil Corporation (IOC) is ling and transportation of bulk petro- The project will also contribute to the
gearing up to commence operations at leum products. This development port’s growing capacity and capability
its dedicated jetty at Kamarajar Port will bolster the company’s supply to handle diverse cargo types.
by December 2024. The new jetty, chain operations, reduce turnaround
designed to handle petroleum products, times, and improve overall logistics Kamarajar Port, strategically
will signifi cantly enhance IOC’s opera- effi ciency. located on the southeastern coast of
tional effi ciency and logistics capabili- India, is set to benefi t from the increased
ties in the region. The dedicated jetty is expected to throughput and operational effi ciency
accommodate larger vessels and faci- IOC’s dedicated jetty will bring. The
The construction of the jetty, part litate faster loading and unloading, new facility will also play a crucial role
of IOC’s strategic infrastructure ex- addressing the increasing demand for in supporting regional economic deve-
pansion, aims to streamline the hand- petroleum products in southern India. lopment and energy security.

FINANCIAL PERFORMANCE
DFPCL reports higher Q1 net profi t, lower revenue

Deepak Fertilisers and Petrochemi- The company’s net profi t stood at Revenue declined to Rs. 2,281-crore
cals Corporation (DFPCL) has posted Rs. 114-crore during the correspon- from Rs. 2,313-crore due to lower
75.43 percent growth in consolidated ding quarter of the previous fi nancial commodity prices.
net profi t at Rs. 200-crore for the fi rst year, DFPCL said in a regulatory
quarter of the fi nancial year 2024-25. fi ling. The company said the fi rst quarter

156 Chemical Weekly August 13, 2024

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