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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Foreign Trade Rules: Update IEC Changes Within 90 Days; Penalties for Late Submissions; 10% Cut on Late Claims</h1> Chapter 9 of the Foreign Trade Procedure outlines various miscellaneous matters. IEC holders must update changes in name or constitution within 90 days, with possible penalties for delays. Import authorizations must indicate CIF/FOB values in both Rupees and convertible currencies. Applications submitted late face penalties, and supplementary claims incur a 10% cut. Importers/exporters must provide requested information and maintain consumption registers. Export facilitation centers and grievance committees assist with trade issues. Counter Assistance expedites application processing, with specific timelines for different application categories. Shipment dates for imports/exports are defined by transportation mode. The Director General of Foreign Trade holds the power to review subordinate decisions.
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