The DGFT, which is under the Commerce Ministry, had put the company under the list, commonly known as blacklist
Bharti Airtel. (Photo: Getty)
Bharti Airtel on Friday said its name has now been removed from the ‘denied entry list’ after it highlighted the relevant details and documents submitted to the Directorate General of Foreign Trade (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.
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“We are actively engaged with the authorities to complete the formalities and provide additional documents for closure of the remaining cases,” the company added.
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On Wednesday, the telecom giant has clarified to the stock exchanges that it is closely working to get its name removed from the list, and added that DGFT’s latest action does not limit its ability to undertake future imports or exports.
The DGFT, which is under the Commerce Ministry, had put the company under the list, commonly known as blacklist, for non-fulfillment of export obligation in respect of certain Export Promotion Capital Goods (EPCG) authorisation issued to it.
Under the EPCG, 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.
At 12.58 pm shares of Bharti Airtel were at Rs 490.80 INR up 0.26% on the BSE and on NSE it was Rs 490.90 up 0.22%.
(With input from agencies)
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