bharti airtel: Airtel says it can import, export goods despite Govt move

NEW DELHI: Bharti Airtel has clarified that the government’s move to put it under the ‘Denied Entry List’ does not limit its ability to import and export goods and services in the future.

The Directorate of Foreign Trade (DGFT) under the Commerce Ministry, on Tuesday, put Airtel on the ‘Denied Entities List’ following the non-fulfillment of export obligations under the Export Promotion Capital Goods (EPCG) scheme.

“The Company is working towards an expeditious closure of this matter with the Office of the DGFT and for getting the Company’s name removed from the DEL. It must also be noted that the said action does not limit the ability of the Company to undertake future imports or exports,” Airtel said in a regulatory filing on Wednesday.

Airtel also said that it had not applied for any such license as there was no operational need for the same.

“The Company has fulfilled all its export obligations under the past licenses and has applied for closure of these licenses along with necessary documents to the authorities in this regard,” it said.

The EPCG is an export promotion scheme. Under this, import of capital goods are allowed at zero customs duty for manufacturing quality goods and services.

Under the scheme, capital goods imported at zero duty must fulfil EPCG export obligation equivalent to 6 times of duty saved on the capital goods.