| Date: |
25-04-2018
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| Notification No: |
DGFT Notification No.05/2015-2020
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| Issuing Authority: |
DGFT
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| Type: |
Notification
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| File No: |
F. No. 01/93/180/05/AM-18/PC-2 (B)-E-1192 |
| Subject: |
Amendment in Para 1.05{b) of Foreign Trade Policy 2015-2020.
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|
Government of India
Ministry of Commerce & Industry
Department of
Commerce
Directorate General of Foreign Trade
Notification No.
05/2015-2020
New Delhi, Dated: 25th April, 2018
Subject: Amendment in Para 1.05{b) of Foreign Trade Policy 2015-2020.
5.0. (E): In exercise of powers conferred by Section 3 of FT (D & R) Act, 1992, read with paragraph 1.02 and
2.01 of the Foreign Trade Policy, 2015-2020, as amended from time ot time, the Central Government hereby
amends the provision in Para 1.05 (b) of the Foreign Trade policy (2015-20) on Transitional Arrangements as
under:
1.05: Transitional Arrangement
| Existing Para |
Revised Para
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| (b) In case an export or import that is 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. |
(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 for 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. |
F. No. 01/93/180/05/AM-18/PC-2 (B)-E-1192
(Alok Chaturvedi)
Director Generafof Foreign Trade
Email: [email protected]
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