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of <h1>Ministry Clarifies FIPB Approval Limits: Duty-Free Shops Need Customs Act Compliance and Licensing at Ports/Airports.</h1> The circular from the Ministry of Finance, Department of Revenue, addresses the process for setting up duty-free shops approved by the Foreign Investment Promotion Board (FIPB). It clarifies that FIPB approval pertains only to foreign investment and technical collaboration, not automatically granting rights to open duty-free shops at ports or airports. Compliance with the Customs Act, 1962, and related regulations is mandatory. Jurisdictional Commissioners of Customs/Central Excise must ensure adherence to all conditions and guidelines before licensing duty-free shops, even with FIPB approval. Any implementation issues should be reported to the Directorate General of Export Promotion.
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