Airtel On 'Denied Entry List' by Foreign Trade Regulator

New Delhi: The Director General of Foreign Trade has blacklisted telecom operator Bharti Airtel on the grounds of not meeting the export obligations and has put it on "Denied Entry List", official sources said.

The telecom company countered it saying it had applied for closure of all past licences that were due and has not taken any fresh licence since April 2018 because of no requirement.

Government sources said Airtel failed to fulfil the export obligation under Export Promotion Capital Goods Scheme.

"Airtel has not taken any such licence since April 2018 as there is no operational requirement. In fact, the company has already applied for the closure of all past licences that were due and is awaiting approval from the authorities", sources in the Sunil Mittal company said.

Companies under 'Denied Entry list' lose their import licence.

The import-export licence of Bharti Airtel has been stopped, according to sources.

The company, however, did not disclose the items of export and import as part of those licences.

Bharti Airtel was put in this list due to non-fulfilment of export obligations under the export promotion capital goods (EPCG) scheme that the government has introduced.

Under EPCG scheme, import of capital goods is allowed at zero customs duty for manufacturing goods and services. This is against an export obligation equivalent to 6 times of duty saved on the capital goods.

Original News: CorporatesIndo-Asian News Service

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