Subject: Amendment in Para 1.05(b) of Foreign Trade Policy 2015-2020.
In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time ot time, the Central Government hereby amends the provision in Para 1.05 (b) of the Foreign Trade policy (2015-20) on Transitional Arrangements as under:
1.05: Transitional Arrangements
Further, the import/export on or after the date of such regulation/restriction will be allowed for importer/exporter has a commitment through Irrevocable Commercial Letter of Credit (ICLC) before the date of imposition of such restriction/ regulation and shall be limited to the balance quantity, value and period available in the ICLC. For operationalising such ICLC, the applicant shall have to register the ICLC with jurisdictional RA against computerized receipt within 15 days of imposition of any such restriction/regulation.
Whenever, Government brings out a policy change of a particular item, the change will be applicable prospectively (from the date of Notification) unless otherwise provided for.
2. Effect of this Notification: Transitional Arrangements provision has been detailed under para 1.05 (b) of Foreign Trade policy (2015-20).
(Alok Vardhan Chaturvedi)
Director General of Foreign Trade
E-mail: dgft@nic.in
[Issued from F. No. 01/93/180/05/AM-18/PC-2 (B)-E-1192]