Grant of relaxation of ILC with Regional Authorities with reference to Notification No. 38 dated 5th Feb. 2016

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....ade and Industries 3. FIEO/ASSOCHAM/CII 4. All RA's of DGFT Vide Notification No. 38 dated 5th February, 2016, Government has imposed Minimum Import Prices (MIP) on 173 tariff lines under Chapter 72 (Iron & Steel). The same Notification also protects imports/shipments after 5th Feb, 2016, which are negotiated and finalised under Irrevocable Letter of Credits (ILCs) before the date of the sa....

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....nly on procedural matter of registering within 15 days from the date of Notification, the importers have defaulted, there exists a case of genuine hardship in terms of Para 2.58 of FTP (2015-20). Therefore, it recommended that an opportunity be given to importers who have finalized their ILCs before 5th February, 2016, to register these ILCs with their concerned jurisdictional RAs, by relaxing the....