Comptroller and Auditor General (CAG) audit report has said that the commerce ministry needs to properly monitor the Export Promotion Capital Goods (EPCG) Scheme, as it not only allows duty-free imports of capital goods but also grants a long gestation period for meeting the export obligation. The scheme allows import of capital goods for pre-production, production, and post-production at nil customs duty but subject to meeting export obligations.
The report also said the import of capital goods from ports other than the registered port without adhering to the prescribed procedure involves the risk of importing the goods from multiple ports using the same authorisation that have revenue implications and has the risk of misuse of the bonds. The customs and regional authorities should monitor such cases scrupulously and invoke penal action for non-compliance. CAG has presented the performance audit report on the scheme in Parliament. The scheme not only allows duty-free imports of capital goods but also grants a long gestation period for meeting the export obligation (EO) and therefore needs to be duly monitored by the regional authorities for successful implementation of the scheme.
CAG said a performance audit was conducted to ascertain whether the issue, utilisation, redemption and implementation of authorisations by the Directorate General of Foreign Trade (DGFT) and the customs department is being done in an efficient and effective manner. This report contains 72 audit observations and 26 recommendations. The performance audit has revenue implication of Rs 479.81 crore. It also said the audit has observed incorrect fixation of Specific Export Obligation (SEO), fixing same Average Export Obligation (AEO) for different financial years as well as different AEOs for the same fiscal year.
It added that the audit found that facilitation measures of the online system for processing of applications under the ease of doing business for simplifying the process of issuance of EPCG, authorisations need to be reviewed as the online system do not check the veracity of the documents submitted, but only prompts to upload the documents before submission.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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