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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
