Exim Policy Highlights

new delhi: following are the highlights of the "new look" five-year exim policy unveiled by commerce minister murasoli maran on sunday:  quantitative restrictions on exports removed  8-9% export growth feasible  india aims to capture 1% of global trade by 2007  special focus on cottage and handicraft industry  20 agro export zones notified  transport assistance for agri products  depb, advance licence & epcg to continue  sezs permitted to set up overseas banks  incentive package for hardware sector  custom duty on rough diamonds eliminated  procedural simplifications to reduce costs further  new commodity classification for exp/imp  diversification of markets with focus on africa, cis  more assistance to states for export development  sezs units permitted to undertake hedging of commodity price risks  external commercial borrowings (ecbs) in sezs  restrictions on export of all cultivated varieties of seed, except jute and onion, removed  3% special depb rate for primary and processed foods  rs 5 crore earmarked under market access initiative to promote cottage sector exports  duty free imports for handicraft sector  value addition norms for export of plain jewellery reduced from ten per cent to seven per cent  reimbursement of 50 per cent of registration fees for registration of drugs  free import of equipment and other goods used abroad for more than one year  100% retention of foreign exchange in exchange earners'' foreign currency (eefc) account  "business centre" in indian missions abroad  links with cis countries to be revived  repatriation period for realisation of export proceeds extended from 180 days to 360 days  penal interest rate of bonafide defaults to be brought down from 24 per cent to 15 per cent  newcomers to be entitled for licences without any verification against execution of bank guarantee  epcg licences of rs 100 crore or more to have 12 year export obligation (eo) period with 5 year moratorium