Airtel says removed from 'Denied Entry List'

NEW DELHI: Bharti Airtel said on Friday that the government had removed it from the ‘Denied Entry List’ list after the telco "highlighted" the relevant details and documents which had been submitted to the Directorate General of Foreign Trade’s (DGFT)."We wish to clarify that the company has highlighted the relevant details and documents submitted to the DGFT and accordingly the name of the Company has now been removed from the ‘Denied Entry List’," the company said in a statement."We are actively engaged with the authorities to complete the formalities and provide additional documents for closure of the remaining cases,” it added. The telco's stock was up 1.5% to Rs496.80 in early trade on the BSE Friday.Thursday, a day after the DGFT, under the commerce ministry, put the company on the ‘Denied Entry List’ following the non-fulfilment of export obligations under the Export Promotion Capital Goods (EPCG) scheme, the telecom operator had said that it was working with the department to get its name removed from the list.It had added that being in the list would not impact its ability to import and export goods and services in the future.Under the EPCG, import of capital goods is allowed at zero customs duty for manufacturing quality goods and services. Capital goods imported at zero duty must fulfil export obligation equivalent to six times the duty saved on the goods.

from Economic Times https://ift.tt/2S5goAs