Import of goods under Project Import Regulations

[ROHIT GOEL]

Dear Sir,

A company had applied for endorsement from DIPP under the Project Import Regulations 1988 and such endorsement has been received on 5.11.2021. As per applicable regulations, company further needs to apply to customs port for approval under Project Import scheme and it is expected to take atleast 15 days ie till 20.11.2021. However, the shipment in question is expected to reach by 6.11.2021 at the designated port.

Any delay in clearance would lead to imposition of interest and penalties and other applicable charges. Is there any possible remedy so that the said charges etc can be minimized since the delay is not attributable to the company.

AI Summary

Company Urged to Store Goods in Bonded Warehouse to Avoid Penalties Pending Customs Approval Under Project Import Regulations 1988 A company received an endorsement under the Project Import Regulations 1988 and needs customs approval, which may take until November 20, 2021, while their shipment arrives on November 6, 2021. Delays could incur interest, penalties, and charges. To minimize these, two respondents suggested moving the goods to a customs bonded warehouse without duty payment. This allows clearance after the project contract is registered with customs and an ex-bond bill of entry is filed.