Bharti Airtel Working With Directorate General Of Foreign Trade For Removal Of Name From Blacklist
Bharti Airtel Ltd. on Wednesday said it is working to get the company's name removed from 'Denied Entry List', but added that the Directorate General of Foreign Trade’s latest action does not limit its ability to undertake future imports or exports.
The comment by the telecom operator came after the commerce ministry put Bharti Airtel in denied entry list for non-fulfilment of export obligation under an export promotion scheme.
The DGFT, which is under the commerce ministry, has put the company under the list, commonly known as blacklist, for non-fulfilment of export obligation in respect of certain EPCG authorisation issued to it.
In a regulatory filing on Wednesday, Airtel said, "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 added. Bharti Airtel said it has not applied for any such license since April 2018 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 added. Under the Export Promotion Capital Goods, an export promotion scheme, import of capital goods is allowed at zero customs duty. Capital goods imported at zero duty must fulfil EPCG export obligation equivalent to six times of duty saved, as per the scheme.