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Export License.




Introduction

An export license is a document issued by the appropriate licensing agency after which an exporter is allowed to transport his product in a foreign market. The license is only issued after a careful review of the facts surrounding the given export transaction. Export license depends on the nature of goods to be transported as well as the destination port. So, being an exporter it is necessary to determine whether the product or good to be exported requires an export license or not. While making the determination one must consider the following necessary points:

  •  What are you exporting?

  • Where are you exporting?

  • Who will receive your item?

  • What will your items will be used?

Canalisation

Canalisation is an important feature of Export License under which certain goods can be imported only by designated agencies. For an example, an item like gold, in bulk, can be imported only by specified banks like SBI and some foreign banks or designated agencies.

Application for an Export License

To determine whether a license is needed to export a particular commercial product or service, an exporter must first classify the item by identifying what is called ITC (HS) Classifications. Export license are only issued for the goods mentioned in the Schedule 2 of ITC (HS) Classifications of Export and Import items. A proper application can be submitted to the Director General of Foreign Trade (DGFT). The Export Licensing Committee under the Chairmanship of Export Commissioner considers such applications on merits for issue of export licenses.

Exports Free unless regulated

The Director General of Foreign Trade (DGFT) from time to time specifies through a public notice according to which any goods, not included in the ITC (HS) Classifications of Export and Import items may be exported without a license. Such terms and conditions may include Minimum Export Price (MEP), registration with specified authorities, quantitative ceilings and compliance with other laws, rules, regulations.

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What is New?

Date: 27-02-2015
Central Excise Circular No. 995/01/2015-CX
Regarding Central Excise and Service Tax Audit norms to be followed by the Audit Commissionerates

Date: 20-02-2015
Notification No 112 (RE-2013) / 2009-2014
Removal of Minimum Export Price (MEP) on export of Potato.

Date: 20-02-2015
Customs Notification No. 05/ 2015
Seeks to amend various notifications to include Airport Calicut and ICD Arakkonam in list of ports notified for export and import under EP Schemes

Date: 19-02-2015
Customs Notification No 25/2015 (NT)
Rate of exchange of conversion of each of the foreign currency with effect from 20th February, 2015

Date: 18-02-2015
Customs Notification No. 05/2015-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of acetone, originating in or exported from Korea RP, for a period of five years

Date: 18-02-2015
RBI/2014-15/474 A.P. (DIR Series) Circular No.79
Guidelines on Import of Gold by Nominated Banks / Agencies

Date: 17-02-2015
DGFT Public Notice No.87/(RE 2013)/2009-14
Cancellation of validity of Multiple IECs against single PAN a reg.

Date: 16-02-2015
Customs Notification No 23/2015 (NT)
Amends Notification No. 64/94-Customs(N.T.)dated 21.11.1994

Date: 16-02-2015
Customs Notification No 24/2015 (NT)
Amends Notification No. 64/94-Customs(N.T.)dated 21.11.1994

Date: 16-02-2015
Customs Notification No. 04/ 2015
Seeks to exempt part of customs duty on import of Urea under Urea Off-Take Agreement between the Government of India and Oman-India Fertilizer Company S.A.O.C.