Dear Expert
Newly release notification by DGFT without received advance payment of shipment from foreign , export not allowed. ( condition on export of carpet, handicraft and silk item )
if self warehouse in foreign and goods send to foreign in the name of warehouse , what is the treatement of transaction - stock transfer or export and above condition of custom regarding advance receipt are levy or not
Please advice as soon as possible .
Notification no. 5(RE-2012)/2009-2014
DGFT Notification: Advance Payment Required for Carpets and Handicrafts; Self-Owned Foreign Warehouse Transfers Clarified A discussion on a forum addresses a query regarding a new notification by the DGFT, which restricts exports of certain items like carpets and handicrafts without advance payment. The query asks about the treatment of goods sent to a self-owned foreign warehouse, questioning whether it constitutes a stock transfer or export. The response clarifies that transferring goods to a self-owned warehouse abroad does not change the requirement for advance payment. It outlines conditions for opening foreign warehouses, emphasizing that goods must be realized within specified periods, ultimately treating the transaction as a stock transfer until foreign exchange is realized. (AI Summary)
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