Bharti Airtel says its name removed from DGFT blacklist

By: |
Published: January 31, 2020 10:56:36 AM

The company said its has now been removed from the denied entry list, after it highlighted the relevant details and documents submitted to the Directorate General of Foreign Trade (DGFT).

Airtel, Bharti Airtel, DGFT blacklist, DGFT, Commerce Ministry, EPCG export, latest news on airtel“We are actively engaged with the authorities to complete the formalities and provide additional documents for closure of the remaining cases,” the company said in a statement.

Bharti Airtel on Friday said its name has now been removed from the denied entry list for non-fulfilment of export obligation under an export promotion scheme. “We are actively engaged with the authorities to complete the formalities and provide additional documents for closure of the remaining cases,” the company said in a statement.

The company said its has now been removed from the denied entry list, after it highlighted the relevant details and documents submitted to the Directorate General of Foreign Trade (DGFT). Earlier this week, the firm said it was working to get its name removed from the list, and added that DGFT’s latest action does not limit its ability to undertake future imports or exports.

The DGFT, which is under the Commerce Ministry, had put the company under the list, commonly known as blacklist, for non-fulfilment of export obligation in respect of certain Export Promotion Capital Goods (EPCG) authorisation issued to it.

Under the EPCG, an export promotion scheme, import of capital goods is allowed at zero customs duty. Capital goods imported at zero duty must fulfil EPCG export obligation equivalent to six times of duty saved, as per the scheme.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1JSW Steel ramps up capacity to 83% in May from 38% in April
2Conversion to hospitals: Hotels urge Delhi govt to rethink order
3Unlock 1.0: HUL ramps up production but expects short-term impact on profitability