Amendment in Para 3.18(a) of FTP 2015-20 - 4/2015-2020 - Foreign Trade Policy

Government of India Ministry of Commerce Industry Department of Commerce Directorate General of Foreign Trade Notification No. 4/2015-2020 New Delhi, 21 April, 2017 Subject: Amendment in Para 3.18(a) of FTP 2015-20. S.O.(E) - 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 utilised / 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 para 3.18 (a) of FTP 2015-20 shall read as under: 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 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. (A. K. Bhalla) Director General of Foreign Trade E-mail: [email protected] (Issued from File No. 01/61/180/77/AM-16/PC-3)