TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Notifications
of of All Notifications
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Para 1.05(b) of Foreign Trade Policy 2015-2020: New Rules for ICLCs Amid Import/Export Restrictions.</h1> The notification amends Para 1.05(b) of the Foreign Trade Policy 2015-2020, detailing transitional arrangements for import and export regulations. It specifies that if an export or import initially permitted freely is later restricted, existing transactions under an irrevocable commercial letter of credit (ICLC) before such restrictions will be honored, subject to conditions. The amendment clarifies that the import/export policy of items is governed by the ITC (HS) Schedule and that policy changes apply prospectively unless stated otherwise. Import through High Sea sales is excluded from these provisions. The revised policy requires registration of ICLCs with the jurisdictional Regional Authority within 15 days of new restrictions.
TaxTMI 