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Grant of relaxation of ILC with Regional Authorities with reference to Notification No. 38 dated 5th Feb. 2016

DGFT - 03/2016 - Dated:- 21-4-2016 - No.01/89/180/Moni-5852/AM-03/PC-2 (A) Government of India Ministry of Commerce & Industry Directorate General of Foreign Trade Udyog Bhawan, New Delhi Dated: 21.04.2016 Trade Notice No. 03/2016 To 1. IEC holde .....

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e Notification also protects imports/shipments after 5th Feb, 2016, which are negotiated and finalised under Irrevocable Letter of Credits (ILCs) before the date of the said Notification under Para 1.05(b) of FTP, provided these ILCs are registered w .....

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m the date of Notification). 3. The Policy Relaxation Committee (PRC) in its meeting dated 11.4.2016 has considered these representations. It noted that importers had opened ILCs under Para 1.05 of FTP but missed the deadline of registering ILCs with .....

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istering within 15 days from the date of Notification, the importers have defaulted, there exists a case of genuine hardship in terms of Para 2.58 of FTP (2015-20). Therefore, it recommended that an opportunity be given to importers who have finalize .....

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