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Trade Update 2
WEEKLY TRADE UPDATE
Introduction of a Licensing Regime for imports under the ‘Others’ category.
By Trade Notice 46/2019-2020 dated January 17, 2020, the Director General Foreign Trade has notified that it is under consideration to introduce a licensing regime for all goods imported under the ‘Others’ category. This will be done by shifting these classifications from ‘free’ to ‘restricted’.
This is due to the increasing misdeclaration of products by importers in the ‘Others’ category for import of products at 8 digit level in the Import Policy (Schedule- I of ITC (HS) 2017).
It has also been provided that if the existing HS system is not sufficient to cover the goods imported, then appropriate HS Codes at 8 digit level may be suggested for such goods.