| Date: |
21-04-2016
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| Notification No: |
Trade Notice No. 03/2016
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| Issuing Authority: |
DGFT
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| Type: |
Trade Notice
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| File No: |
No. 01/89/180/Moni-5852/AM-03/PC-2 (A) |
| Subject: |
Grant of relaxation of ILC with Regional Authorities with reference to Notification No. 38 dated 5th Feb. 2016
|
Government of India
Ministry of Commerce & Industry
Directorate General of Foreign Trade
Udyog Bhawan : New Delhi.
Trade Notice No. 03/2016
New Delhi, Dated the 21st April, 2016
Vide
Notification No. 38 dated 5th February, 2016, Government has imposed
Minimum Import Prices (MIP) on 173 tariff lines under Chapter 72 (Iron & Steel).
The same Notification also protects imports/shipments after 5th Feb, 2016, which
are negotiated and finalised under Irrevocable Letter of Credits (ILCs) before
the date of the said Notification under Para 1.05(b) of FTP, provided these ILCs
are registered with Jurisdictional RAs within a period of 15 days.
- Representations have been received from some importers who opened ILCs under
Para 1.05 of FTP but missed the deadline of registering ILCs with the RAs within
the prescribed time limit (15 days from the date of Notification).
- The Policy Relaxation Committee (PRC) in its meeting dated 11.4.2016 has
considered these representations. It noted that importers had opened ILCs under
Para 1.05 of FTP but missed the deadline of registering ILCs with the RAs within
the prescribed time limit (15 days from the date of Notification). It further
noted that as the ILCs were negotiated and finalised before the date of the
Notification No 38 dated 5th February, 2016 and only on procedural matter of
registering within 15 days from the date of Notification, the importers have
defaulted, there exists a case of genuine hardship in terms of Para 2.58 of FTP
(2015-20). Therefore, it recommended that an opportunity be given to importers
who have finalized their ILCs before 5th February, 2016, to register these ILCs
with their concerned jurisdictional RAs, by relaxing the provision of
registration of ILC’s within 15 days as under para 1.05(b) of the FTP (2015-20).
- Accordingly, under the provisions of para 2.58 of FTP (2015-20), DGFT has
relaxed the provision of registration of ILC’s within 15 days, for importers who
have finalized their ILCs for imports/shipments of items covered under
Notification No. 38 dated 5th February, 2016 before the date of notification and
grants them the opportunity to register their ILC’s with their concerned
jurisdictional RAs, by 30th April, 2016. The importers will submit their request
along with ANF-2D with prescribed fee of Rs 2000/- as prescribed for policy
relaxation.
- All RAs may accordingly take necessary action.
(S.P. Roy)
Joint Director General of Foreign Trade
Telefax: 23062240
E-mail: [email protected]
No. 01/89/180/Moni-5852/AM-03/PC-2 (A)
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