Navigating through India’s Trade Framework
Understanding BIS, FTA and FEMA updates
India’s trade ecosystem continues to evolve, with growing emphasis on quality standards and international collaboration. The Bureau of Indian Standards (BIS), under the Ministry of Consumer Affairs, sets national benchmarks through product certification and mandatory compliance via Quality Control Orders (QCOs). Over 700 products now fall under QCOs, reflecting the expanding regulatory scope.
Simultaneously, Free Trade Agreements (FTAs) have gained momentum, allowing tariff concessions on trade with partner nations like Australia, UAE, Japan, South Korea, and ASEAN members. These benefits are conditional upon meeting Rules of Origin norms, making it crucial for businesses to align with FTA-specific criteria.
In parallel, with an attempt to rationalise and simplify the regulations and directions governing the export and import transactions, the Reserve Bank of India (RBI) has released the Draft Directions on Export and Import of Goods and Services which aims to enhance ease of doing business by consolidating all instructions into a single document. The draft proposes multiple changes which shall impact the global trade from/to India.
Institute of Business Laws (IBL), along with Knowledge Partner, Lakshmikumaran & Sridharan Attorneys (LKS), will be conducting this seminar for the benefit of the trade and industry which will be primarily focussing on the following :
BIS
- Functions of BIS
- QCOs and their impact
- Consequences of non-compliance with QCOs
- Schemes under the BIS (Conformity Assessment) Regulations, 2018
- Important QCOs
Free Trade Agreements (FTAs)
- Rules of Origin
- Product Specific Rules
- Direct Transport rule
- Sufficient working rule
- Proof of Origin / Certificate of Origin
- Verification of Certificate of Origin
- Denial of benefit
FEMA
- Declaration for export of goods, services and software in a master form – Form EDF
- Revision in payment timelines for import and export transactions
- Liberalisation of the set-off process and revamp of write-off provisions: Surrender of export incentives?
- Simplification of Merchanting Trade Transactions (MTT)
- Set off of export and import payables: Goods against Services?
Venue
Sheraton Grand Pune Bund Garden Hotel
Regal Hall, Raja Bahadur Motilal Rd, Sangamvadi, Pune