Clarification on the Notification No 38 dated 5.2.2016 regarding Minimum Import Price (MIP) on Iron & Steel under Chapter 72 of ITC (HS) 2012 - Schedule 1 Import Policy

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....6 Trade Notice No. 17/2016 To 1. All IEC holders/applicants 2. All EPCs / All Chambers of Trade and Industries 3. FIEO/ASSOCHAM/CII 4. All RA's of DGFT 5. All Customs/Port Authorities Sub: Clarification on the Notification No 38 dated 5.2.2016 regarding Minimum Import Price (MIP) on Iron & Steel under Chapter 72 of ITC (HS) 2012 - Schedule 1 Import Policy This Directorate has re....

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....ified in the Notification? Answer: No. It is not possible to import items covered under Notification No. 38 (2015-2020) whose unit CIF import price is below the stipulated MIP by paying custom duty on the MIP specified in the Notification. The imported items must have a unit CIF value equal to or above the MIP. Question 4: Import shipments are in Transit and shipped(B/L Date) before 5th Februar....