Amendment in Para 1.05(b) of Foreign Trade Policy 2015-2020 - 05/2015-2020 - Foreign Trade Policy

Transitional arrangements preserve pre-change import/export rights when covered by irrevocable letters of credit, subject to registration and limits.

Where an import/export policy changes from free to restricted or otherwise regulated, transactions completed before the change remain unaffected; High Sea sales are excluded. Imports/exports on or after the change are permissible only if an Irrevocable Commercial Letter of Credit was established before the imposition, and are limited to the balance quantity, value and period in that ICLC. The ICLC must be registered with the jurisdictional Regional Authority against a computerized receipt within fifteen days of the imposition.