MSME-1 is a form which is required to be filed by every company disclosing balance outstanding to MSME entities on a specified date beyond the period of 45 days, period of delay and reason of delay. Now, the MCA has initiate to take rigrous action against the company or officers in default who have done any non-compliance under Companies Act.
RoDTEP (Remission of Duties and Taxes on Exported Products) Scheme was introduced from 1st January, 2021 and it was implemented in place of schemes prevailing earlier such as MEIS (Merchandise Export from India Scheme)/ SEIS (Service Export from India Scheme).
Electronic Bank Realization Certification (eBRC) is a certificate issued by the bank certifying that payment is received in foreign currency against the export of service and goods. As per FEMA, exporters are required to receive payment against export of goods and services within a specified period of time. Timely receipt of foreign currency is a condition for issuance of GST refund as well.
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Reserve Bank of India (RBI) has issued a detailed circular on the regulation of Payment Aggregator-Cross Border (PA-CB) vide RBI/2023-24/80 CO.DPSS.POLC.No.S-786/02-14-008/ 2023-24 dated 31st October, 2023. Processing of payment or receipts transactions in cross-border transactions is not something an Individual entity can do itself. All these facilities are provided by Payment Aggregator through Payment gateways.
GeM (Government e-Marketplace) is a national public procurement platform. This is an online platform designed specifically for the government departments and government companies for any kind of procurement. Government bodies, i.e., Central Government, State Government, Public Sector Undertakings (PSUs) and municipal bodies, are required to place through tender on GeM and all eligible suppliers are free to submit quotations for such tender.
With intent to promote domestic manufacturing and to improvise security measures, The Government has imposed restriction on import of Laptop, Tablets, All-in-one Personal Computers and ultra small form factor computers and servers (Falling under HSN 8471).
Foreign Trade Policy 2015-2020 was applicable and after 8 years the government has announced a new Foreign Trade Policy 2023 (FTP 2023) on 31st March, 2023 which is applicable from 1st April, 2023.
Concept of Prepaid Payment Instruments (PPIs) or digital wallets or e-wallets (Electronic Wallets) has spread widely in India over the last few years. PPIs or e-wallets are almost used everywhere to procure goods and services and for transfer of funds from one person to another. Accepting payments through digital wallets also accelerates business turnover. To promote a cashless environment, digitalisation and contact less payments, the government is taking all the possible steps to promote PPIs. Various PPIs have been issued so far in India such as Bharatpe, Paytm, UPI, Phonepe etc. and PPIs is issued by both banking and non-banking companies.
In the automated system, exporters will not be required to visit foreign post offices. Rather, he can file PBE online from his own place and hand over the consignment to a nearby post office (not necessarily Foreign Post Office) for export.
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