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DGFT - Amendment in Para 1.05(b) of Foreign Trade Policy 2015-2020 (Transitional Arrangements)
 

CHEMEXCIL
Basic Chemicals, Cosmetics & Dyes Export Promotion Council
(Set-up by Ministry of Commerce and Industry, Govt of India)

Jhansi Castle, 4th Floor, 7 Cooperage Road, Mumbai - 400 001.India.

Tel : +91 22 22021288 / * Fax : +91 22 22026684

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EPC/LIC/DGFT/Amend

27/04/2018

 

ALL MEMBERS OF THE COUNCIL

 

DGFT

 

Amendment in Para 1.05(b) of  Foreign Trade Policy 2015-2020

 

(Transitional Arrangements)

 

 

 

Dear Members,

 

Kindly note that the O/o DGFT New Delhi has issued  Notification  No. 05/2015-2020 dated 25/04/2018 regarding amendments in the Para 1.05 (b) of the Foreign Trade policy (2015-20) on Transitional Arrangements.

 

For the convenience of the member-exporters, the  contents are reproduced/ highlighted as follows:

 

1.05: Transitional Arrangements

 

Existing Para

Revised Para

 

(b) In case an export or import that is

 

(b) Item wise Import/Export Policy is delineated in the ITC (HS)
Schedule  I  and     Schedule  II            respectively. The importability/
exportability of a particular item is governed by the policy as on

the date of import/export.  The date of import/ export is defined in para 2.17 of HBP, 2015-20. Bill of Lading and Shipping Bill are the key documents for deciding the date of import and export respectively.    

In            case       of            change of            policy   from     free'      to restricted/prohibited/state trading' or 'otherwise         regulated',  the import/export already made before the date of such regulation/restriction will not be affected.

However, the import through High Sea sales will not be covered under this facility.

Further,               the         import/export on                                    or after the  date of such regulation/restriction will be allowed if importer/exporter has a commitment through Irrevocable Commercial Letter of Credit  (ICLC)            before  the                date             of imposition         of            such      restriction/  Regulation  and shall be limited to the balance quantity, value and period available in the ICLC.

For operationalising such ICLC, the applicant shall have to register the ICLC with jurisdictional RA against computerized receipt within 15 days of imposition of any such restriction/regulation.
Whenever,     Government  brings  out   a    policy      change   of a
particular    item, the    change      will     be           applicable prospectively
(from the date of Notification) unless otherwise provided for.

permitted     freely     under     FTP    is

subsequently      subjected     to     any

restriction or regulation, such export

or import will ordinarily be permitted,
notwithstanding    such   restriction   or

regulation,         unless         otherwise

stipulated.   

This             is       subject        to   the
condition that the shipment of export

or import is made within the original

validity    period    of   an    irrevocable
commercial       letter      of         credit,
established     before   the      date     of

imposition of such restriction and it

shall   be   restricted   to   the   balance

value and quantity available and time

period   of such irrevocable letter of

credit.    

For         operationalising              such
irrevocable    letter    of    credit,    the

applicant shall    have    to    register the

Letter   of        Credit      with    jurisdictional

Regional     Authority      (RA)    against
computerized receipt, within 15 days

of    the    imposition     of    any    such

restriction or regulation.

 

 

Members are requested to take note of this amendment.    The said Notification is available for download/ reference using below link:

http://dgft.gov.in/Exim/2000/NOT/NOT18/05%20eng.pdf

 

 

Thanking You,

 

 

Yours faithfully,

 

(S.G. BHARADI)
Executive Director
CHEMEXCIL

 

 

 

 

 

 

 

 

 

 

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