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Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Goods imported, shipped, or arrived before issuance of an import authorization but not yet cleared from Customs may be cleared against a subsequently issued authorization without mandatory warehousing, except for restricted items or those traded through state trading enterprises unless specifically permitted by the Directorate General of Foreign Trade. The requirement to warehouse goods prior to clearance applies only when the authorization is issued after shipment but before Customs clearance. This clarification addresses concerns that warehousing was being imposed even when authorization was obtained before import arrival or clearance, which was contrary to the intended facilitative provision under Para 2.12 of the Foreign Trade Policy, 2023. The policy aims to reduce unnecessary costs and procedural burdens on importers.
Goods imported, shipped, or arrived before issuance of an import authorization but not yet cleared from Customs may be cleared against a subsequently issued authorization without mandatory warehousing, except for restricted items or those traded through state trading enterprises unless specifically permitted by the Directorate General of Foreign Trade. The requirement to warehouse goods prior to clearance applies only when the authorization is issued after shipment but before Customs clearance. This clarification addresses concerns that warehousing was being imposed even when authorization was obtained before import arrival or clearance, which was contrary to the intended facilitative provision under Para 2.12 of the Foreign Trade Policy, 2023. The policy aims to reduce unnecessary costs and procedural burdens on importers.
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