(1) it shall be deemed to be a condition of every licence, certificate, scrip or any instrument bestowing financial or fiscal benefits for export that :-

(i) no person shall transfer or acquire by transfer any licence, certificate, scrip or any instrument bestowing financial or fiscal benefits issued by the licensing authority except in accordance with the provisions of the Policy;

(ii) the goods or services or technology for the export of which the licence, certificate, scrip or any instrument bestowing financial or fiscal benefits is granted shall be the property of the licensee at the time of the export.

(2) The licensing authority may issue a licence, certificate, scrip or any instrument bestowing financial or fiscal benefits for import subject to one or more of the following conditions, namely :-

(a) that the goods or services or technology covered by the licence, certificate, scrip or any instrument bestowing financial or fiscal benefits shall not be disposed of except in accordance with the provisions of the Policy or in the manner specified by the licensing authority in the licence, certificate, scrip or any instrument bestowing financial or fiscal benefits;

(b) that the applicant for a licence, certificate, scrip or any instrument bestowing financial or fiscal benefits shall execute a bond for complying with the terms and conditions of the licence, certificate, scrip or any instrument bestowing financial or fiscal benefits.

(3) It shall be deemed to be a condition of every licence, certificate, scrip or any instrument bestowing financial or fiscal benefits for import that :-

(a) no person shall transfer or acquire by transfer any licence, certificate, scrip or any instrument bestowing financial or fiscal benefits issued by the licensing authority except in accordance with the provisions of the Policy;

(b) the goods or services or technology for the import of which a licence, certificate, scrip or any instrument bestowing financial or fiscal benefits is granted shall be the property of the licensee at the time of import and upto the time of clearance through customs;

(c) the goods or services or technology for the import of which a licence, certificate, scrip or any instrument bestowing financial or fiscal benefits is granted shall be new goods or services or technology, unless otherwise stated in the licence, certificate, scrip or any instrument bestowing financial or fiscal benefits;

(d) the goods or services or technology covered by the licence, certificate, scrip or any instrument bestowing financial or fiscal benefits for import shall not be exported without the written permission of the Director General.

(4) Any person importing goods or services or technology from the United States of America in accordance with the terms of the Indo-US Memorandum of Understanding on Technology Transfer shall also comply with all the conditions and assurances specified in the Import Certificate issued in terms of such Memorandum, and such other assurances given by the person importing those goods or services or technology to the Government of the United States of America through the Government of India.