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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.VI Government of India Ministry of Commerce & Industry Directorate General of Foreign Trade Udyog Bhawan, 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. F .....

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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. Question 2: What must be the landed unit cost of the Importer? Answer: Landed unit cost must not be below the specified MIP. Question 3: Whether it is possible to import items covered under Notification No. 38 (2015-2020) having a unit CIF import p .....

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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 "import" is decided with reference to date of shipment/dispatch of goods from supplying country as given in Para 9.11 of Handbook of Procedure: and not the date of arrival of goods at an Indian port. Accordingly, imports effected on 5.2.2016 and the .....

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