Knowledge Resource >
Trade Update 53
A. Clarification on last date of import in continuation of Notification No. 20/2015-20 dated 24.08.2021.
The Directorate General of Foreign Trade vide Notification No. 25/2015-2020 dated September 13, 2021 has clarified that for imports under Notification No. 20/2015-20 dated August 24, 2021, the last date of shipment or date of issuance of the Bill of Lading or Lorry Receipt date is October 31, 2021. Import consignments of these items with Bill of Lading/Lorry Receipt issued on or before October 31, 2021 shall not be allowed by Customs beyond January 31, 2022.
B. Last Date for Submitting applications for Scrip based FTP Schemes and validity period of Duty Credit Scrips
The Directorate General of Foreign Trade vide Notification No. 26/2015-2020 dated September 16, 2021 has notified the last date of submitting applications under MEIS, SEIS, ROSCTL, ROSL and 2% additional ad hoc incentive (under para 3.25 of FTP) to be December 31, 2021, in supersession of any such provision in the Hand Book of Procedures, 2015-20 going forward. Further, the validity of any scrip issued under FTP from the date of this Notification have been notified to be 12 months from the date of issue, in supersession of validity provisions in the Handbook of Procedures, 2015-20.
C. Amendment of policy condition no. 5 of Chapter 27 of ITC (HS), 2017, Schedule — I
The Directorate General of Foreign Trade vide Notification No. 27/2015-2020 dated September 16, 2021 has amended the policy condition no. 5 of Chapter 27 of ITC (HS), 2017, Schedule-I (Import Policy) in terms of Government Resolution No. P-12029(11)/2/2018-OMC-PNG dated November 08, 2019.
D. De-Activation of IECs not updated on the DGFT
The Directorate General of Foreign Trade vide Trade Notice No. 18/2021-2022-DGFT dated September 20, 2021 has mandated to all IEC holders to ensure that details in their IEC is updated electronically every year during April-June period. Based on representations received from the IEC holders who had not updated their IECs, the period of updation was extended up to July 31, 2021 and subsequently to August 31, 2021. All IECs which have not been updated after January 01, 2005 shall be de-activated with effect from October 06, 2021. It is further noted that any IEC so de-activated, would have the opportunity for automatic re-activation.