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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Import of iron and steel below floor price allowed under Advance Licensing, diversion triggers duty recovery and penalties</h1> Import of certain iron and steel items under the Advance Licensing Scheme below prescribed floor prices is permitted; however, diversion of such imports from export use to the domestic market before fulfilling export obligations constitutes a violation. When goods imported below floor prices are diverted domestically, customs duty must be recovered based on the floor prices, and penal action under the relevant Customs Act provision should be initiated. Normal imports without diversion should be accounted for at actual import prices. Customs authorities and trade are instructed to enforce these measures to prevent misuse of the scheme.
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