TaxTMI 
TaxTMI 
GENERAL PROVISIONS REGARDING IMPORTS AND EXPORTS
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....ted subject to 'No Objection Certificate' from the Department of Defence Production] 2.1.2 3[ Prohibition on Direct or Indirect Import and Export from /to Democratic People's Republic of Korea Direct or indirect export and import of following items, whether or not originating in Democratic People's Republic of Korea (DPRK), to / from, DPRK is 'Prohibited': i. All items, materials, equipment, goods and technology including as set out in lists in documents INFCIRC/254/Rev.11/Part 1 and INFCIRC/254/ Rev.8/Part 2 (IAEA documents), S/2012/947, S/2009/364 and S/2006/853 (UN Security Council documents) and Annex III to UN Security Council resolution 2094 (2013) which could contribute to DPRK's nuclear-related, ballistic missile-related or other weapons of mass destruction-related programmes; ii. Luxury goods, including but not limited to the items specified in Annex IV to UN Security Council resolution 2094 (2013).] 2.1.3 Prohibition on Direct or Indirect Import and Export from / to Iran (a) Direct or indirect export and import of all items, materials, equipment, goods and technology which could contribute to Iran's enrichment-related, reprocessing or heavy water related activitie....
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.... Committee (a) Fixation / modification of product norms under all schemes Norms Committee (b) Nexus with Capital Goods (CG) and benefits under EPCG Schemes EPCG Committee. (c) All other issues Policy Relaxation Committee (PRC) 2.6 Principles of Restriction DGFT may, through a notification, adopt and enforce any measure necessary for: - (a) Protection of public morals; (b) Protection of human, animal or plant life or health; (c) Protection of patents, trademarks and copyrights, and the prevention of deceptive practices; (d) Prevention of use of prison labour; (e) Protection of national treasures of artistic, historic or archaeological value; (f) Conservation of exhaustible natural resources; (g) Protection of trade of fissionable material or material from which they are derived; (h) Prevention of traffic in arms, ammunition and implements of war. 2.7 Export / Import of Restricted Goods/ Services Any goods / service, the export or import of which is 'Restricted' may be exported or imported only in accordance with an Authorisation / Permission/ License or in accordance to the procedure prescribed in a notification / public notice issued in this regard. 2.8 T....
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.... to such restrictions as may be specified by DGFT in accordance with International Conventions. 2.15 Trade with Russia under Debt-Repayment Agreement In case of trade with Russia under Debt Repayment Agreement, DGFT may issue instructions or frame schemes as may be required, and anything contained in FTP, in so far as it is inconsistent with such instructions or schemes, shall not apply. 2.16 Actual User Condition Goods which are importable freely without any 'Restriction' may be imported by any person. However, if such imports require an Authorisation, actual user alone may import such good(s) unless actual user condition is specifically dispensed with by DGFT. 2.17 1[Sl. No. Categories of Second Hand Goods Import Policy Conditions, if any I Second Hand Capital Goods (a) i. Personal computers/ laptops including their refurbished / re-conditioned spares ii. Photocopier machines/ Digital multifunction Print & Copying Machines iii. Air conditioners iv. Diesel generating sets Restricted Importable against authorization (b) i. Refurbished / re-conditioned spares of Capital Goods Free Subject to production of Chartered Engineer certificate to the effect that su....
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....ay be made subject to FTP or any other law in force. 2.25 Import under Lease Financing No specific permission of RA is required for lease financed capital goods. 2.26 Clearance of Goods from Customs Good already imported / shipped / arrived, in advance, but not cleared from Customs may also be cleared against an Authorisation issued subsequently. 2.27 Execution of BG /LUT (a) Wherever any duty free import is allowed or where otherwise specifically stated, importer shall execute prescribed LUT/BG/Bond with Customs Authority before clearance of goods. (b) In case of indigenous sourcing, Authorisation holder shall furnish LUT/BG/Bond to RA concerned before sourcing material from indigenous supplier/nominated agency as prescribed in Chapter 2 of HBP v1. 2.28 Private/Public Bonded Warehouses for Imports (a) Private / Public bonded warehouses may be set up in DTA as per terms and conditions of notification issued by DoR. Any person may import goods except prohibited items, arms and ammunition, hazardous waste and chemicals and warehouse them in such bonded warehouses. (b) Such goods may be cleared for home consumption in accordance with provisions of FTP and against Authori....
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....or export in ITC (HS). (b) 8[(i) Exports of such goods imported against payment in freely convertible currency would be permitted against payment in freely convertible currency except to countries as notified by DGFT from time to time. Export of such goods would be permitted against payment in Indian Rupees to the notified countries subject to at least 15% value addition. (ii) Accordingly, exports of such goods to Iran which have been imported against payment in freely convertible currency would be permitted against payment in Indian Rupees also, subject to at least 15% value addition. Further, re-export of food, medicine and medical equipment's will not be subject to minimum value addition requirement. The ITC(HS) codes for these goods will cover Chapters 2, 3, 4, 7-11 and Chapters 15-21, 23, 30 and only Headings 9018, 9019, 9020, 9021 & 9022 of Chapter-90 of ITC(HS) subject to all conditions of FTP 2009-14 and 1TC(HS) 2012 as applicable. (iii) Bird's eggs under HS: 0407 & 0408 and Rice under HS: 1006 are not covered under this dispensation. (iv) Exports under this dispensation shall not be eligible for any export incentives.] 2.36 Export of Imported Goods under Bond Pr....
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....freely convertible Vostro account of a non resident bank situated in any country other than a member country of ACU or Nepal or Bhutan. Additionally, rupee payment through Vostro account must be against payment in free foreign currency by buyer in his non-resident bank account. Free foreign exchange remitted by buyer to his non-resident bank (after deducting the bank service charges) on account of this transaction would be taken as export realization under export promotion schemes of FTP. (c) Contracts (for which payments are received through Asian Clearing Union (ACU) shall be denominated in ACU Dollar. Central Government may relax provisions of this paragraph in appropriate cases. Export contracts and Invoices can be denominated in Indian rupees against EXIM Bank / Government of India line of credit. 2.40A Export to Iran - Realisations in Indian Rupees Export proceeds against 9[***] exports to Iran realized in Indian rupees are permitted to avail exports benefits/ incentives under the Foreign Trade Policy, 2009-14, at par with export proceeds realized in freely convertible currency. 2.41 Realisation of Export Proceeds If an exporter fails to realize export proceeds within ....
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....ag in a query based structured format on commercial criteria. 2.45.2 Fiscal Incentives to promote EDI Initiatives adoption To encourage usage of 'on-line' filing of applications for authorizations/IEC, incentives are provided to applicants through a reduced application fee as detailed in the Hand Book of Procedures. 2.46 Regularization of EO default and settlement of customs duty and interest through Settlement Commission With a view to providing assistance to firms who have defaulted under FTP for reasons beyond their control as also facilitating merger, acquisition and rehabilitation of sick units, it has been decided to empower Settlement Commission in Central Board of Excise and Customs to decide such cases also with effect from 01.04.2005. 2.47 Easing of Documentation Requirement DGFT has provided 'on-line' facility for filing applications to obtain various authorizations / IECode. The authorizations are issued and transmitted electronically to Customs for clearance so as to reduce the required documentation. DGFT has also become India's first digital signature enabled department in Government of India, which has introduced a higher level of Encrypted 2048 bit Digital....
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.... the relevant provisions of F.T. (D&R) Act, 1992, as amended from time to time ] 2.50 Export of perishable agricultural products To reduce transaction and handling costs, a single window system to facilitate export of perishable agricultural produce has been introduced. The system will involve creation of multi-functional nodal agencies to be accredited by Agricultural and Processed Food Products Export Development Authority (APEDA), New Delhi. The detailed procedures have been notified at Appendix 40 to HBP v1. 2.51 Niryat Bandhu A novel 'Niryat Bandhu' scheme for mentoring first generation entrepreneurs has been conceptualised. The Officer (Niryat Bandhu) would primarily mentor interested individuals in the arena of international business. Such hand-holding by officers of DGFT would help the new exporters/importers by leveraging the knowledge base of officers and by providing timely and appropriate guidance. 2.52 e-BRC Bank Realization Certificates (BRCs), evidencing receipt of export proceeds would be transmitted electronically from the respective banks to the DGFT. This will bring down transaction cost to the exporters as they will not be required to obtain physical co....
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.... The Government is committed to resolving all outstanding problems and disputes pertaining to past policy periods through GRC set up on 27.10.2004, for condoning delays, regularizing breaches by exporters in bona fide cases, resolving disputes over entitlements, granting extensions for utilization of Authorisations." 3. Substituted vide NOTIFICATION No. 14 (RE-2013)/2009-2014 dated 31 May, 2013, before it was read as under, "Prohibition on Direct or Indirect Import and Export from/ to Democratic People's Republic of Korea Direct or indirect export and import of following items, whether or not originating in Democratic People's Republic of Korea (DPRK), to / from, DPRK is 'Prohibited': All items, materials equipment, goods and technology including as set out in lists in documents S/2006/814, S/2006/815 (including S/2009/205), S/2009/364 and S/2006/853 (United Nations Security Council Documents) INFCIRC/254/Rev.9/Part1a and INFCIRC/254/Rev.7/Part 2a (IAEA documents) which could contribute to DPRK's nuclear-related, ballistic missile-related or other weapons of mass destruction-related programmes." 4. Inserted vide Notification No. 16 (Re 2013)/2009-2014 dated 6th June....