FIEO Channel ๐Ÿ”Š
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FIEO Official Telegram Channel to keep Indian Exporters updated with the International Trade developments and trade promotion activities of FIEO.

FIEO Telegram Group @FIEO_grp
FIEO Telegram Bot @FIEO_bot
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DGFT has prepared a Video Guide for Applicants to apply for Issuance of New or Renewal of existing RCMC. The video covers following -

1. Navigation on DGFT website for Login/Registration of User/IEC Holder

2. Navigation for Updating IEC, Managing IEC Profile Details (including for updating Past Export Performance details) and User Profile.

3. Guidance on each field of Application Page for issuance of New as well as of Renewal of RCMC.

4. Steps for uploading attachments, fees payment, tracking applications and responding to Deficiencies.

5. Details on Support provided including access to Help Manuals/FAQs.

The video has been hosted on DGFT Youtube Page and can be accessed/shared through following link

https://youtu.be/f4ijdmD4X4I
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FIEO in association with Amazon Global Selling is organising a virtual debrief session on June 09, 2022 from 11:00 am to increase the awareness about recent provisions of India-UAE CEPA agreement and help exporters understand its positive implications for them.

The session would focus on two major aspects โ€“ firstly the implications of India-UAE CEPA for exporters in general and secondly its implications in particular on e-commerce for leveraging access to vast market opportunities in UAE.

Senior level officials from Dept. of Commerce, GoI and Amazon will make comprehensive presentations and interact with participants on the occasion.

To confirm your participation for the session please visit www.fieo.org/IN-UAE-CEPA to receive the Zoom Meeting link by e-mail.

For any assistance, please feel free to contact Mr. T C Bharati, Dy. Director

โ˜Ž๏ธ 011-46042159
โœ‰๏ธ tcbharati@fieo.org
USD ๐Ÿ‡บ๐Ÿ‡ธ GLOBAL CURRENCY MATRIX
(07 June 2022)

AUD ๐Ÿ‡ฆ๐Ÿ‡บ 1.390
CAD ๐Ÿ‡จ๐Ÿ‡ฆ 1.259
CHF ๐Ÿ‡จ๐Ÿ‡ญ 0.971
EUR ๐Ÿ‡ช๐Ÿ‡บ 0.935
GBP ๐Ÿ‡ฌ๐Ÿ‡ง 0.800
INR ๐Ÿ‡ฎ๐Ÿ‡ณ 77.68
JPY ๐Ÿ‡ฏ๐Ÿ‡ต 132.90
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FIEO is organising an Interactive Session with H.E. Dr. Hossein Amir-Abdollahian, Minister of Foreign Affairs of The Islamic Republic of Iran on โ€˜Trade Opportunities in Iranโ€™ in association with UCO Bank at Mumbai on June 09, 2022

For details regarding participation please contact Mr. Niketan Bhosale

โ˜Ž๏ธ 022-4057 2222
โœ‰๏ธ niketanbhosale@fieo.org
FIEO Press Release ๐Ÿ“

Rate hike to keep inflation within target limit, supporting the economic growth process; but flow and cost of credit to MSMEs especially exporters to be looked into: Dr A Sakthivel, President, FIEO

Responding to the RBIโ€™s decision of increasing the repo rate by 50 basis points to 4.9 percent at a time, when the global economies including India is reeling under inflationary pressures, Dr A Sakthivel, President, FIEO said that this was expected looking at the current and evolving macroeconomic situation. Dr Sakthivel welcomed the initiative taken by the Central Bank of the country, as it will not only help in containing inflation but will also support the economic growth process including exports. However, at the same time RBI should ensure that it neither affects the credit flow nor the interest burden on MSMEs especially exporters and if required, the Interest Equalisation Scheme may enhance the support to insulate against any rate hike.

With agencies like IMF, World Bank and WTO already scaling down their global output growth and world trade forecast coupled with disruptions, shortages and escalating prices due to geopolitical tensions and sanctions, steps taken to contain excess liquidity from the system thereby reducing commodity and raw material/input prices, will help the trade and industry in containing their overall cost of production, added FIEO President.

FIEO Chief reiterated that as the Indian economy appears capable of sustaining such geopolitical conditions, the decision of hike in repo rate along with the Standing Deposit Facility (SDF) to 4.65 percent, the Marginal Standing Facility (MSF) and the Bank Rate to 5.15 percent, will further help in reducing pressure on demand front. This will help in ensuring adequate liquidity in the system to meet the productive requirements of the economy in support of credit offtake growth.
USD ๐Ÿ‡บ๐Ÿ‡ธ GLOBAL CURRENCY MATRIX
(09 June 2022)

AUD ๐Ÿ‡ฆ๐Ÿ‡บ 1.391
CAD ๐Ÿ‡จ๐Ÿ‡ฆ 1.255
CHF ๐Ÿ‡จ๐Ÿ‡ญ 0.977
EUR ๐Ÿ‡ช๐Ÿ‡บ 0.932
GBP ๐Ÿ‡ฌ๐Ÿ‡ง 0.798
INR ๐Ÿ‡ฎ๐Ÿ‡ณ 77.76
JPY ๐Ÿ‡ฏ๐Ÿ‡ต 134.10
FIEO Press Release

Infrastructure and related issues affecting trade flows with India to be resolved soon: H E Dr Hossein Amir-Abdollahian, Honโ€™ble Minister of Foreign Affairs, The Islamic Republic of Iran

The Honโ€™ble Minister of Foreign Affairs, The Islamic Republic of Iran, H E Dr Hossien Amir-Abdollahian today in Mumbai interacted with the EXIM Community on the upcoming trade opportunities in Iran. FIEO in association with UCO Bank organised this very important interactive session, which was also attended by some senior level dignitaries from Iran and about 200 exporters.

Addressing the exporterโ€™s community Honโ€™ble Minister of Foreign Affairs said that, โ€œIt is indeed a pleasure to be in India and amongst you all trade entrepreneurs today.โ€ The Minister appreciated the presence of Women Entrepreneurs for the session and mentioned women entrepreneurs to be more successful trade facilitators. The Minister specially mentioned & appreciated the efforts of FIEO for organising the wonderful and spectacular show.

Mentioning the strong trade and cultural ties of India and Iran, the Honโ€™ble Minister stated that, โ€œThe 1st ever diplomatic mission of Iran across the world was established in Mumbai and since then the relationship has nurtured and expanded gradually. This is with the determination of the diplomatic leadership of both the countries to further develop relationships not only in trade but also across all the strategic fronts. As a result of which the ties between the two nations have been strong, durable and long lasting.

The Foreign Affairs Minister informed that during the meeting and interaction with the Honโ€™ble Prime Minister of India, Shri Narendra Modi, and the National Security Advisor, he discussed upon development of sustainable ties between two nations and concluded with certain strong and positive agreements. The Honโ€™ble Minister highlighted that, โ€œThe economies of India and Iran do not compete with each other; rather they complement each other.โ€ During the meeting with the Honโ€™ble Prime Minister of India yesterday, a great emphasis on the ancient relationship of India and Iran was referred to and the Trade Community present today is a driving force of this relation. This trade relationship can be further endured by the Indian diaspora in Iran and vice-a-versa.

The Hon'ble Minister informed that during this meeting they would like to address the challenges and bottlenecks faced by the Trade Communities in India while doing trade with Iran. Iran will be providing all necessary infrastructural facilities, one such effort on the infrastructural front is the Port of Chabahar. They would like to encourage the investment in this Port by the Iranian counterparts in India. He also informed that in continuation to the present visit, to develop the trade between the two countries a Delegation from Iran will be visiting India shortly.

Earlier welcoming the Chief Guest and Exim Community, Shri Nandkishor Kagliwal, Regional Chairman, FIEO (WR) said, โ€œThere is a strong need of international political negotiations wherein sanctions on Iran may either be relaxed to some extent or an explicit interpretation of narrow exemption on Chabahar port may be rolled out by US. This will strengthen the movement of cargo through the INSTC route. An attempt should be made to explore traditional mechanisms of trade like barter trade, so as to defeat the implication of sanctions.โ€

During the keynote address, Dr A Sakthivel, President, FIEO said, โ€œBoth countries are looking for a Preferential Trade Agreement, with a focus on diversifying the bilateral trade basket to include manufacturing, services and light engineering items. The PTA will allow the two countries to cut tariffs on each otherโ€™s products. India & Iran are active players in the INSTC corridor which has assumed greater importance in view of war between Russia and Ukraine. There is a need to bring Chabahar also under the INSTC so as to forge partnership with Afghanistan and Central Asian countries besides using the important route of Bandar Abbas.
FIEO Press Release

Contd...

Indian exporters are keen to use the route which reduces voyage time to Central Asia by 40% and cost by 30%. Unfortunately, no single agency has come forward to provide an end to end solution to the logistics. The security of the cargo throughout the route has also been highlighted as a key concern. We will urge the Honโ€™ble Minister to look into the same and coordinate with other countries as well to push increasing cargo through this route.โ€

Shri Unmesh Sharad Wagh, Dy. Chairman, JNPA, provided a brief insight on the recent developments in the Port of Chabahar.

Concluding the interactive session, Shri Khalid Khan, Vice President, FIEO mentioned, โ€œAlthough the bilateral trade has declined over the past few years, what matters is the positive approach our governments have when it comes to strengthening and promoting our bilateral trade. Having a positive approach is the first step towards achieving positive outcomes.โ€ He also stated, โ€œHonโ€™ble Prime Minister always inspires us to find opportunities in difficulties and focus on solutions rather than problems. India-Iran trade is a real example to this, wherein both the nations always tried to find opportunities in their most difficult situation, and it assures that this spirit will continue for the years to comeโ€

An informative interactive session on banking issues, sanctions and other shortcomings for the trade were discussed and responded to by the Iranian Officials.
FIEO Press Release

Contd...

Caption for the photo as attached:

Seen on the Dais (L-R)

Shri Nandkishor Kagliwal, Regional Chairman, FIEO (WR)

Shri Khalid Khan, Vice President, FIEO

Dr. A Sakthivel, President, FIEO

H.E. Dr. Houssien Amir-Abdollahian, Hon'ble Minister of Foreign Affairs, Islamic Republic of Iran

H.E Dr Ali Chegeni, Ambassador, Embassy of Iran, New Delhi

Mr. A.M. Alikhani, Consul General, Consulate General of Iran, Mumbai

Mr. Ishraq Ali Khan, Executive Director, UCO Bank
USD ๐Ÿ‡บ๐Ÿ‡ธ GLOBAL CURRENCY MATRIX
(10 June 2022)

AUD ๐Ÿ‡ฆ๐Ÿ‡บ 1.406
CAD ๐Ÿ‡จ๐Ÿ‡ฆ 1.269
CHF ๐Ÿ‡จ๐Ÿ‡ญ 0.978
EUR ๐Ÿ‡ช๐Ÿ‡บ 0.940
GBP ๐Ÿ‡ฌ๐Ÿ‡ง 0.799
INR ๐Ÿ‡ฎ๐Ÿ‡ณ 77.82
JPY ๐Ÿ‡ฏ๐Ÿ‡ต 133.85
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Exporters can access the Complete Text of the India UAE Comprehensive Economic Partnership Agreement (CEPA) on the Ministry of Commerce & Industry website or by Clicking Here

The List of agencies authorised to issue Certificate of Origin (CoO) under the India-UAE CEPA agreement is enumerated in the Annex 3C of the Agreement.

In case, exporters face any issues in availing the benefit of the CEPA agreement due to policy or operational level issues in India or in UAE, the same may kindly be brought to the notice of FIEO by e-mail to

a. Mr. H C Pant, Advisor, EXIM Policy - hcpant@fieo.org
b. Mr. Dhananjay Sharma, Jt. Director - dhananjay@fieo.org

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The US CPI inflation number hit 40 year high and the immediate reaction we are seeing is blood bath in European and American markets. The bench mark US 10 years bond yields shot up to 3.167%.

Offshore rupee is at historic high trading 78.06 / 07

In this scenario India's CPI inflation will be out on Monday evening and the consensus is above 8%.

This will be followed by Wednesday evening Fed rate hike and tightening schedule.

In wake of above, the coming week seems to be volatile.

In the meantime enjoy a pleasant weekend.
Please find appended the CBIC BANK ACCOUNT MANAGEMENT MODULE

An Advisory about Authorized Dealer Code (ADC) Bank Account Registration Applicable to a new Bank Account and Modification of an existing Bank Account with the AD Code at a Port Location.

Kindly note that as per advisory Only one AD Code Bank account is allowed to be registered for an IEC holder for one location.
National Committee on Trade Facilitation (NCTF) Secretariat invites trade stakeholders to participate in two surveys on the effectiveness of the DPD/ DPE Schemes, and Trade Facilitation reform in India to help us improve cross border trade in India -

https://research.net/r/dpd-and-dpe-survey

https://research.net/r/trade-facilitation-survey
DGTS CBIC is organising a Pan-India webinar on โ€˜Authorised Economic Operator (AEO) schemeโ€™ on 16.06.2022 at 1500 hrs hosted by DGTS DZU/KZU.

Meeting link:

https://dgts.webex.com/dgts/j.php?MTID=m075deee30fd0af568a19a5cc3485ad23
Meeting number:
2518 970 0615
Password:
1234
Seminar oยญn โ€œECGC and Marine Insurance - Covering Risks oยญn Exports" to acquaint participants with the nuances involved in Marine Insurance & to highlight the Role of ECGC to minimize the risk of non-realization of Export Proceed.

For more details visit www.fieo.org/ECGC