Subject: Minimum Import Price (MIP) on Iron and Steel under Chapter 72 of ITC (HS), 2012 - Schedule - 1 (Import Policy): amendment in import Policy Conditions.

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 to time, the Central Government hereby amends the Import Policy Conditions against 173 HS Codes under Chapter 72 of ITC (HS). 2012 - Schedule - 1 (Import Policy) as per the Annex subject to the following conditions. :-

a) Imports under Advance Authorisation Scheme are exempted from Minimum Import Price (MIP) under this Notification;

b) MIP is also exempted for all API grade steel conforming to X-52 and higher API grades for manufacturing pipes used for pipeline transportation systems in the petroleum and natural gas industries; and

c) MIP conditions laid down in this Notification are valid for six months from the date of the notification or until further orders, whichever is earlier

2. Further, imports/shipments under Letter of Credit already entered into before the date of this notification shall be exempted from the Minimum Import Price condition subject to Para 1.05(b) of Foreign Trade Policy, 2015-20.

3. Effect of this Notification: Minimum Import Price (MIP) is introduced against 173 HS Codes under Chapter 72 of ITC (IIS), 2012 - Schedule - 1 (Import Policy) as detailed in the Annex.

(Anup Wadhawan)

Director General of Foreign Trade

E-mail: dgft[at]nie|dot]in

[Issued from F.No.01/89/180/Moni-5852/AM-03/Vol.-VI/PC-2 (A)]

Annex

Minimum Import Price (MIP) on Iron and Steel under Chapter 72 of ITC (HS), 2012