Announcement of New FTP 2023

ES/CIR/133//2022-23                                                                                                     March 31^st, 2023 

To: Members of the Council

Sub: Announcement of New FTP 2023 

Dear Member, 

The Hon’ble Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution, Shri Piyush Goyal, launched the New Foreign Trade Policy (FTP) 2023 today. 

Some of the salient features of the New FTP are as follows: 

1. Automatic approval of various permissions under Foreign Trade Policy based on process simplification and technology implementation. 
2. Application fee being reduced for Advance Authorization and EPCG Schemes. 
3. All authorisation redemption applications to be paperless. 
4. Export performance threshold for Recognition of Exporters as Status Holders rationalized. 
5. FTP benefits extended for rupee realisations through special Vostro accounts.  
6. Districts as Export Hubs aims to boost India's foreign trade by decentralizing export promotion. 
7. All FTP benefits to be extended to E-Commerce exports. 
8. Special Advance Authorisation Scheme extended to export of Apparel and Clothing sector on Self-declaration basis to facilitate prompt execution of export orders. 
9. Amnesty scheme for one-time settlement of default in export obligation by Advance Authorization and EPCG authorization holders being introduced. 

A copy of Key Highlights of FTP 2023 is enclosed herewith (click to download). 

This is for your information. 

Thanking You 

A.Ravi Kumar 

Executive Director