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CA > April 1-7 2023 > Flashcards

April 1-7 2023 Flashcards

1
Q
  1. India’s updated Foreign Trade Policy focuses on (A) costs for smaller firms and offering (B) clearances.
  2. It aims at tripling exports to (A) by (B) from (C) in 2022-23.
  3. Does the Policy allows for adjustments based on world trade and industry feedback?
  4. Current DGFT ?
  5. Does the new policy has an end date?
A
  1. (A) lowering
    (B) swifter
  2. (A) $2 Trillion
    (B) 2030
    (C) $760 billion
  3. Yes
  4. Director General of Foreign Trade
    — Santosh Kumar Sarangi
  5. No
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2
Q

Foreign Trade Policy
1. What is FTP?
2. Who and when will the FTP be announced? How much long?
3. Concerned Ministry
4. The policy is updated every year on ?
5. the modifications, improvements and new schemes are effective w.e.f. ?
6. The idea of FTP was introduced in which year?
7. FTP was the announced for how many years?
8. It changed to how many years and in which year?
9. What was FTP previously called?
10. Which section provides authority to Govt to present FTP?

A
  1. Foreign Trade Policy is a set of guidelines and instructions established by the DGFT in matters related to the import and export of goods in India.
  2. The Government of India, Ministry of Commerce and Industry announces Export Import Policy every five years. Will be announced on starting of the financial year.
  3. Ministry of Commerce and Industry
  4. 31st March
  5. 1st April
  6. 1985
  7. 3
  8. 5 for the first time on 1st April 1992
  9. EXIM Policy (Export Import Policy)
  10. Section 5 of Foreign Trade ( Development and Regulation) Act, 1992
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3
Q

FTP 2023
1. Is it presented for 5 years? Reason.
2. What is RoDTEP Scheme?
3. RoDTEP Scheme announced in which year to replace the which scheme?
4. What is a RoSCTL Scheme?
5. What is the difference between RoSL Scheme and RoSCTL Scheme?
6. When was RoSCTL Scheme introduced and when it came into effect?
7. Up to which period shall RoSCTL Scheme remain in force?

A
  1. No sunset date. Because of the confusion raised among exporters whether the policy will be continued or not.
  2. RoDTEP (Refund of Duties and Taxes on Exported Products) is a flagship export promotion scheme of the Commerce Ministry of India. The scheme aims to refund to the exporters the embedded central, state and local duties and taxes paid on inputs that were so far not refunded or rebated.
  3. 2019, MEIS (Merchandise Exports from India Scheme)
  4. RoSCTL Scheme stands for “Scheme for Rebate of State and Central Taxes and Levies on Export of Garments and Made-ups”. It has been introduced as a replacement of previous “Rebate of State Levies (RoSL) Scheme” to rebate all embedded State and Central Taxes and Levies on garments and made-ups to enhance competitiveness of these sectors.
  5. The difference between RoSL & RoSCTL Scheme is that under RoSL
    Scheme, there was no benefit on the central tax and Levies. But in the RoSCTL
    scheme, the exporter will get rebate of both State and Central tax and Levies.
  6. The RoSCTL Scheme was introduced by the Ministry of Textiles and the the Scheme came into effect from 07.03.2019.
  7. 31st of March 2024
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4
Q

FTP 2023
1. What is EPCG Scheme?
2. When was it introduced?
3. Is there any Export Obligation(EO)? If any, mention it.
4. What is AA Scheme?
5. Is there any EO? If any, mention it.
6. Is there a reduction in export obligations for some items pertaining to green energy development?
7. Is the concerned Ministry granting benefits to the exports that are paid in Indian Currency?
8. The AA scheme was launched in the year __ under the Foreign Trade Policy for the period __.

A
  1. Export Promotion Capital Goods Scheme enable exporters to import machinery and other capital goods for export production at concessional or no customs duties at all.
  2. In the EXIM Policy of 1992-97
  3. Yes, should be exporting 6 times of import duties in the next 6 years.
  4. Advance Authorisation Scheme allows duty free import of inputs, which are physically incorporated in an export product.
  5. Yes, should be exporting the product within 18 months.
  6. Yes
  7. Yes
  8. 2015 , 2015-2020
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5
Q

FTP 2023
1. Why Amnesty Scheme introduced?
2. Mention the 3 key features of Amnesty Scheme.
3. Which schemes are covered in this scheme?

A
  1. To reduce the burden on exporters.
  2. (1)All pending cases of default in meeting EO of authorisations between 2009-2014 can now be regularised on payment of all customs duties that were exempted.
    (2)Maximum interest is capped at 100% of such duties exempted.
    (3)No interest is payable on portion of additional customs duty and special additional customs duty.
  3. EPCG and AA Schemes.
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6
Q
  1. Thotlakonda Buddhist heritage site maintained trade relations with — and —.
  2. This site is in which District?
  3. The earliest detailed inscription of Budha in South India is discovered in which village and District?
  4. Historical evidences show that Buddhism came here during the — rule (from 3rd BCE to 1st century BCE).
A
  1. Sri Lanka and Rome
  2. Visakhapatnam
  3. Bhattiprolu Village of Guntur District
  4. Mauryan Rule
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7
Q
  1. Three forms of Buddhism?
  2. Which village in which district celebrates Bouddha Mela on the third day of Pongal?
  3. — is a key pilgrimage site for Tibetans, as it was here that the ‘Wheel of Time’ or ‘Kalachakra’ was set in motion.
A
  1. Hinayana, Mahayana and Vajrayana
  2. Sankaram Village of Anakapalli District
  3. Amaravti
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8
Q
  1. The CAG announced full activation of the OIOS for complete digitalisation of the audit process from—.
  2. Expand CAG and name the person.
  3. What is OIOS and expand it.
  4. Duty of CAG
  5. CAG will be appointed under article — of the Constitution.
  6. All new audit work in the institution would take place only through the application. True/ False?
A
  1. April 1st, 2023
  2. Comptroller and Auditor General of India, Girish Chandra Murmu.
  3. OIOS is web enabled IT application with support for multiple languages, offline functionality and a mobile app.
    One Indian Audit and Accounts Department One System.
  4. To audit all trading, manufacturing, profit and loss accounts and balance-sheets and other subsidiary accounts kept in any department of the Union or of a State; and in each case to report on the expenditure, transactions or accounts so audited by him.
  5. Article 148
  6. True
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9
Q
  1. — is the world’s biggest exporter of lithium.
  2. — dominates the lithium-ion battery production market.
A
  1. Australia
  2. China
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