The authorities has imposed export restrictions on petrol and diesel by directing exporters to provide a specified amount within the home market, a transfer geared toward making certain sufficient availability inside the nation.
According to a notification of the Directorate General of Foreign Trade (DGFT), motor gasoline (petrol) exporter is “required to submit a self-declaration to the concerned customs authority at the time of export confirming that 50 per cent of quantity mentioned in the shipping bill has been/will be supplied in the domestic market during the current financial year”.
For gasoline oil or automotive diesel exporters, the amount has been mounted at 30 per cent.
However, exports to Bhutan and Nepal are exempted from this situation.
The restrict can be not relevant to 100 per cent Export Oriented Units (EoUs) and models in SEZs (Special Economic Zones). EoUs and SEZs are developed primarily for exports.
The notification mentioned that the exporters must file a quarterly return to the ministry of petroleum and pure gasoline relating to the identical.
The resolution assumes significance as the federal government on Friday slapped an export tax on petrol, diesel and jet gas (ATF) whereas additionally becoming a member of nations just like the UK in imposing a windfall tax on crude oil produced domestically.
A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is efficient from July 1, finance ministry notifications confirmed.
The export tax has been imposed to discourage corporations from preferring abroad markets over home provides.
Source: www.financialexpress.com”