TaxTMI 
TaxTMI 
"Notified Goods" and "Specified Goods" Under Customs and Foreign Trade Policy (FTP) laws in India.
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....Notified Goods" and "Specified Goods" Under Customs and Foreign Trade Policy (FTP) laws in India.<br>By: - YAGAY andSUN<br>Customs - Import - Export - SEZ<br>Dated:- 1-5-2025<br>Under Customs and Foreign Trade Policy (FTP) laws in India, the terms "Notified Goods" and "Specified Goods" have distinct meanings and implications, especially regarding imports, exports, and the imposition of duties or restrictions. 1. Notified Goods: Definition: "Notified Goods" refers to goods that have been notified by the Government of India or other competent authorities under various laws such as the Customs Act, 1962, the Foreign Trade Policy (FTP), and the Customs Tariff Act, 1975. These notifications may pertain to specific conditions, restrictions, or ....
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....special procedures that apply to the movement, import, export, or treatment of such goods. Key Aspects of Notified Goods: * Customs Notifications: Under the Customs Act, the government has the power to notify goods that are subject to specific customs procedures or restrictions. For example, the government may notify certain goods that are restricted for import/export, goods that are subject to special duties (like anti-dumping duties), or goods that are exempted from duties under certain schemes (e.g., EPCG, Duty-Free Import Authorization). * Foreign Trade Policy (FTP): Under the FTP, the government can also notify goods that are subject to certain export or import conditions. These goods may include those that are eligible for export....
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.... promotion schemes or require specific licenses for export or import. * Examples of Notified Goods: * Goods subject to anti-dumping duties. * Goods that require import/export licenses (such as in the case of restricted goods under FTP). * Goods eligible for duty exemptions or benefits under specific trade schemes. Purpose of Notification: * To ensure that certain goods are controlled or monitored. * To apply specific duties, tariffs, or restrictions (such as anti-dumping or countervailing duties). * To regulate the import/export of goods based on national interests, including security, health, and environmental concerns. * To facilitate exemptions or concessions under various trade promotion schemes (like EPCG, Special Econ....
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....omic Zones, etc.). 2. Specified Goods: Definition: "Specified Goods" refers to goods that are identified or categorized under specific provisions of law or government notifications for particular treatment, such as goods subject to specific export promotion schemes, licensing requirements, or subject to special duties or restrictions. Key Aspects of Specified Goods: * Customs Laws: Under the Customs Act, certain goods are specified for different purposes, such as those that are subject to excise duties, exempt from duties, or subject to specific import/export requirements. For example, specified goods may include items that require advance authorization for import under specific trade policies. * Foreign Trade Policy (FTP): The FTP l....
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....ists certain specified goods for which export or import may be subject to licensing or quotas, such as items that are part of government programs (e.g., agriculture, textiles) or sensitive items (e.g., chemicals, defense-related goods). * Examples of Specified Goods: * Capital goods imported under the EPCG Scheme. * Restricted items under the Export-Import Policy. * Goods under export quota or goods under the advance authorization scheme. * Items under the Special Economic Zones (SEZ) regime. Purpose of Specification: * To regulate the trade of certain goods that are of economic, strategic, or security importance. * To monitor and control import/export based on trade policy objectives. * To impose restrictions or conditions....
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.... on trade, such as through the import-export licensing mechanism. * To implement trade agreements or schemes for promoting exports or benefiting from concessions. Comparison of Notified Goods and Specified Goods: Aspect Notified Goods Specified Goods Definition Goods that are officially notified for specific conditions or restrictions. Goods specified under law or policy for special treatment or regulation. Authority Notified by the Government or Customs Authorities. Specified by FTP or Customs regulations. Scope of Application Typically related to restrictions, duty exemptions, or special treatment. Typically pertains to licenses, quotas, or specific export/import schemes. Purpose To impose restrictions, duties, or benefit....
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....s on certain goods. To identify goods subject to specific regulations under trade policy. Examples Goods subject to anti-dumping duties, restricted goods under FTP. Capital goods under EPCG, goods under advance authorization. Legal Provisions for Notified and Specified Goods: * Section 11 of the Customs Act, 1962 empowers the government to notify goods for import/export, and impose restrictions or prohibitions on the trade of these goods. * The Foreign Trade (Development and Regulation) Act, 1992 allows the government to specify goods under the Export-Import Policy (FTP), detailing restrictions, licenses, quotas, and other trade regulations. * The Customs Tariff Act, 1975 deals with the classification and specification of goods f....
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....or the purpose of imposing customs duties and tariffs. For Example, at present, Acetic Anhydride' has been notified as specified goods for Indo-Pakistan and Indo-Myanmar (earlier Burma) Border. Conclusion: * Notified Goods are typically those goods that are subject to government restrictions, exemptions, or special duties as defined by notifications issued by authorities such as Customs or the Ministry of Commerce. * Specified Goods are those goods that fall under particular provisions of law or government regulations, often subject to special trade conditions (such as licenses or export quotas) under the Foreign Trade Policy (FTP) or Customs Law. Both categories play critical roles in regulating the flow of goods in international tr....
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....ade, ensuring that trade adheres to national interests, economic policies, and global trade obligations. *** <br> Scholarly articles for knowledge sharing by authors, experts, professionals ....