Navigating India’s Latest Customs & FTP Updates: Key Highlights from July 2024
India’s export-import ecosystem is seeing significant procedural and policy enhancements, as detailed in the CNKQI July 2024 Customs & Foreign Trade Policy (FTP) Update. This edition brings critical developments that streamline trade compliance, improve transparency, and support regulatory alignment with digital infrastructure—vital steps for exporters, importers, and trade professionals.
Among the most impactful updates are the automated disbursal of Duty Drawback amounts via the Public Financial Management System (PFMS), and the launch of the Exchange Rate Automation Module (ERAM)—both poised to ease operational bottlenecks and ensure faster, more accurate financial processing. Additionally, new port restrictions for essential commodities to the Maldives, revisions to export documentation requirements, and changes to import norms under Quality Control Orders (QCOs) reflect a strategic tightening of compliance frameworks under the FTP 2023.
Whether you’re navigating duty refunds, digital invoicing for deemed exports, or the import of IT and electronic goods, these policy refinements mark a clear shift toward automation and stricter regulatory controls.
