TMI BlogClarification on the Notification No 38 dated 5.2.2016 regarding Minimum Import Price (MIP) on Iron & Steel under Chapter 72 of ITC (HS) 2012 - Schedule 1 Import PolicyX X X X Extracts X X X X X X X X Extracts X X X X ..... New Delhi Dated: 10.02.2016 Trade Notice No. 17/2016 To 1. All IEC holders/applicants 2. All EPCs / All Chambers of Trade and Industries 3. FIEO/ASSOCHAM/CII 4. All RA's of DGFT 5. All Customs/Port Authorities Sub: Clarification on the Notification No 38 dated 5.2.2016 regarding Minimum Import Price (MIP) on Iron Steel under Chapter 72 of ITC (HS) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aving a unit CIF import price below the MIP by paying custom duty on the MIP unit value specified in the Notification? Answer: No. It is not possible to import items covered under Notification No. 38 (2015-2020) whose unit CIF import price is below the stipulated MIP by paying custom duty on the MIP specified in the Notification. The imported items must have a unit CIF value equal to or a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uary, 2016 will be permitted for clearance? Answer: No. In the Notification it is clearly stated that import shipments under letter of credit entered into before the date of the Notification shall be exempted from the Minimum Import Price condition subject to Para 1.05(b) of the Foreign Trade Policy 2015-20 . Question 6: Will the letter of credit required to be registered? If so, wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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