Government collected Rs 852 crore from amnesty scheme for exporters, figures may increase further

About Rs 852 crore has been raised by the government for the exporters' amnesty program. In the event that exporters with advance and EPCG permission fail to fulfill their export obligations, the One Time Settlement Scheme was implemented. According to an official, these numbers might go up because their full details are still being gathered. The deadline for paying customs duty and interest is March 31st, as set by the government.

“6,705 applications were filed under the scheme,” the official said. Meanwhile, several small exporters have requested the government to continue the one-time settlement scheme in case of default in export commitments till September. SC Ralhan, president of Ludhiana-based Hand Tools Association, said many small exporters have not been able to avail the benefits of the scheme due to non-fulfillment of their obligations to make payments to MSMEs within 45 days.

India's merchandise exports rose 1 percent to $34.99 billion in April, according to government data. At the same time, during this month the trade deficit increased to a four-month high of $ 19.1 billion. Due to the increase in gold imports, imports also increased by 10.25 percent to $ 54.09 billion in the month under review, which was $ 49.06 billion in April 2023.

The government's "Vivad se Vishwas" initiative resolves disputes amicably. The government has launched a special one-time waiver scheme under FTP 2023 to reduce the problem of default on export obligations. Its objective is to provide relief to exporters who are burdened with high duty and interest costs associated with pending cases.