Amendment in Para 3.18(a) of FTP 2015-20

Dated 21st April, 2017 | Copy of | Notification No.4/2015-2020 |

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act 1992, as amended, read with Para 1.02 of the Foreign Trade Policy, 2015-2020, the Central Government hereby makes the following amendments in the Foreign Trade Policy (FTP) 2015-2020 with immediate effect:

Presently, para 3.18(a) of FTP 2015-20 reads as under:

“Duty Credit Scrip can be utilized/debited for payment of Custom Duties in case of EO defaults for Authorizations issued under Chapters 4 and 5 of this Policy Such utilization/usage shall be in respect of those goods which are permitted to be imported under the respective reward schemes However, penalty/interest shall be required to be paid in cash.”

After amendment the amended pare 3.18(a) of FTP 2015-20 shall read as under.

“Duty Credit Scrip can be utilized/debited for payment of Custom Duties in case of EO defaults for Authorizations issued under Chapters 4 and 5 of Foreign Trade Policy. Such utilization/usage shall be in respect of those goods which are permitted to be imported under the respective reward schemes However, penalty/interest shall be required to be paid in cash.”

Effect of this Notification Duty Credit Scrip can be utilised/debited for payment of Custom Duties in case of EO defaults for Authorizations issued under Chapters 4 and 5 of previous FTPs as well. The Para 3.18 (a) of FTP 2015-20 has been amended to bring more clarity on the utilization of Duty Credit Scrips for payment of Customs Duties in case of EO defaults.

Sd/-
(A.K. Bhalla)
Director General of Foreign Trade

File No.01/61/180/77/AM-16/PC-3
Issued by:
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
New Delhi