Advance Licensing Scheme --- import of iron & steel items below floor prices

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..... tention is invited to notification number 34(RE) and 35(RE) dated 10.12.98 and 11.12.98 respectively issued by DGFT fixing floor prices for certain iron and steel items falling under Chapter 72. In terms of Public Notice No. 24/98 dated 30.11.98 issued by DGFT, it is clarified that import of such iron and steel items below prices is allowed under Advance Licensing Scheme. 2. The Commissioner of .....

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..... ion numbers 34(RE) dated 10.12.98 and 35(RE) dated 11.12.98. In addition diversion of such imported goods in local market before fulfillment of the specified export obligation results in contravention of Section 111(O) of the Customs Act. Hence in all such cases penal proceedings under Sections 111(O) of the Customs Act should be initiated besides recovery of duty at the specified floor prices. .....

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