ET NEWS

Exporters seeking to avail duty concessions on shipments to the UK will have to adhere to the new British rules under the Developing Countries Trading Scheme (DCTS). In a trade notice, the Directorate General of Foreign Trade said that the United Kingdom (UK) has replaced its existing origin declaration process under Generalized Scheme of Preferences (GSP) with the UK DCTS effective from June 19, 2023. The transition period for this change was extended until December 31, 2023. "Starting from January 1, 2024, onwards, Indian exporters to the UK are required to adhere to the new rules under DCTS to avail concessions on their exports to the UK," the trade notice to the exporters community said. It added that goods that meet the UK DCTS Rules of Origin (RoO) requirements would be eligible to claim a concessional rate of import duty for exports to the UK. "Consequently, the origin criteria necessary for satisfying the Rules of Origin to avail tariff concessions on exports from India to the UK must be filled in through self-certification," it added. Accordingly, it said, Indian exporters are directed to use origin declaration wording under DCTS scheme, in place of origin declaration wording under GSP. Certain labour-intensive sectors such as leather, carpets, chemicals, iron amd steel and textiles were the major beneficiaries of the GSP scheme. The US, European Union (EU), Australia, Japan and many other developed countries grant unilateral import duty concessions to developing countries under their GSP schemes. As per estimates, India's exports worth USD 2.5 billion were entitled for the GSP benefit in the UK. India and the UK have been negotiating a free trade agreement since January 13, 2021. As many as 14 rounds of talks have been completed and both sides are aiming to conclude the negotiations at the earliest.

New Delhi: The government has proposed exempting intra-group transactions and certain other mergers and acquisitions from the requirement of Competition Commission approval, a move that is likely to help in reducing the regulatory burden on the watchdog. Draft rules to exempt certain categories of combinations from the Competition Commission of India (CCI) approval requirement have been issued by the corporate affairs ministry. Vaibhav Choukse, Partner & Head - Competition Law at JSA Advocates & Solicitors, said the draft rules enlist certain kinds of M&A (Merger & Acquisition) transactions which will not require approval from the CCI. These include intra-group transactions, certain types of minority and creeping acquisitions, and rights issue as they will not have an impact on the competition in the market, he added. According to him, the rules will replace and modify the existing categories of M&A transactions that are exempt. The rules also modify the affiliate test required to map overlaps between the parties to the M&A transaction. "This will reduce regulatory burden of the CCI as well as provide a big relief to the parties involved in M&As," he added. In September, draft combination regulations were published for public comment but at that time, it did not mention about exempted categories of transaction. Meanwhile, the ministry has also issued draft rules in relation to green channel approvals and 'De Minimis' provisions.

Nifty on Monday ended 32 points higher to form a small positive candle on the daily chart with minor upper and lower shadow. During the day, the index managed to hold on to the support zone of 21,900 – 21,850 where support parameters in the form of the 40-day average and the previous swing low were placed.The short-term trend of Nifty remains positive with range-bound action. A decisive break below the support of 21,900-21,850 is likely to drag the index down to 21,500 levels in a quick period. Any upside bounce from here could encounter strong hurdles around 22,200 levels, said Nagaraj Shetti of HDFC Securities.Open Interest (OI) data showed the call side had the highest OI at 22,200 strike price, followed by 22,500 strike price. On the put side, the highest OI was observed at the 21,800 strike price.What should traders do? Here’s what analysts said:Rupak De, LKP SecuritiesNifty remained volatile throughout the day, oscillating between 21,900 and 22,100. Bulls have thus far managed to defend the 21,900 level successfully. However, a dip below 21,900 could strengthen the bears' position, although for now, any downturn is being met with buying activity. On the upside, a sustained upward movement beyond 22,100 may propel the index towards 22,250 and beyond. Support is established at 21,900, below which the index might decline towards 21,700.Ajit Mishra, Religare BrokingThe recent price action in Nifty shows indecisiveness among the participants and frequent breakout failures on the stock-specific front further adding to their worries. We thus feel it is prudent to limit positions in the current scenario and wait for clarity over the next directional move. Jatin Gedia, SharekhanNifty is still trading in the range 21,900 – 22,200 since the last three trading sessions and a decisive breach shall lead to trending moves in that direction. So, until the support zone is held, we can expect the positive momentum to resume. In terms of levels, 22,215 – 22,250 is the immediate hurdle zone while 21,900 – 21,860 is the crucial support.Tejas Shah, Technical Research, JM Financial & BlinkXNifty is trading around a make-or-break support zone of 21,850 to 22,000 levels and any decisive close below the same can trigger 1% to 2% fall in Nifty on an immediate basis or else chances of a bounce back from this support zone is very high.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)