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Clarification 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 Policy

Clarification 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 Policy - DGFT - 17/2016 - Dated:- 10-2-2016 - No. 01/89/180Moni-5852/AVI-03/PC-2(A)Vol.V .....

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IEO/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) 2012 - Schedule 1 Import Policy .....

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uestion1: Whether imports below the USD unit value specified in the Notification are restricted for imports? Answer: Imports effected on or after 5.2.2016 below the USD unit value specified in the Notification will be restricted from entry into India .....

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rice 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 payi .....

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ion facilitates only LC holders, what happens to importers doing business on DA/TT basis? Answer: Imports are governed by provisions as in Para 2.17 of Handbook of Procedure (2015-20) which inter-alia lays down that the date of reckoning of "imp .....

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reafter will be governed by the Notification No. 38 dated 5th February, 2016. Question 5: Whether imports on letter of credit issued on 5th February, 2016 will be permitted for clearance? Answer: No. In the Notification it is clearly stated that impo .....

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