The Government of India, through the Ministry of Commerce & Industry, Department of Commerce, under the Directorate General of Foreign Trade (DGFT), has issued Notification No. 80/2023. This notification, dated March 22, 2024, pertains to the amendment of policy conditions for Crude Oil under HS Code 2709 00 10.
Detailed Analysis
Under the powers conferred by Section 3 of the Foreign Trade (Development & Regulation) Act, 1992, along with the Foreign Trade Policy, 2023, the Central Government has revised the policy condition of Petroleum Crude (ITC HS code 27090010) for exports. The amendment specifically addresses the export policy conditions for Crude Oil, delineating the revised policy conditions.
The notification outlines that the Export Policy for Crude Oil remains under the control of the Indian Oil Corporation Limited. However, it exempts AMI (ADNOC Marketing International (India) RSC Limited India) from STE (Specific Trade Entitlement) conditions. Notably, AMI is permitted to re-export crude oil from their Commercial Stockpile at Mangalore SPR (Strategic Petroleum Reserve) at their own cost.
This exemption signifies a significant shift in policy, providing AMI with the autonomy to re-export crude oil, thereby impacting the dynamics of the crude oil trade within the region.
Conclusion
Notification No. 80/2023 from DGFT marks a pivotal amendment in the policy conditions governing the export of Crude Oil under HS Code 2709 00 10. By exempting AMI from STE conditions and allowing them to re-export crude oil, the government aims to facilitate smoother trade operations while potentially influencing the broader market dynamics. This change underscores the evolving nature of India’s foreign trade policies and their implications for the energy sector.
For further inquiries, contact Santosh Kumar Sarangi, Director General of Foreign Trade, Government of India, via dgft@nic.in.
This detailed analysis provides a comprehensive overview of the notification, its implications, and the potential impact on stakeholders in the crude oil industry.
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Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan, New Delhi
Notification No. 80/2023 – DGFT | Dated: 22 March, 2024
Subject: – Amendment of policy condition of Crude Oil under HS Code 2709 00 10 -reg.
S.O. 1535(E).: The Central Government, in exercise of powers conferred by Section 3 read with section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as amended, read with Para 1.02 and 2.01 of the Foreign Trade Policy, 2023, hereby amends policy condition of Petroleum Crude (ITC HS code 27090010) of ITC HS Export Policy, 2023, as under :-
|
Tariff Item HS code |
Item
Description |
Export Policy |
Policy Condition | Revised Policy Conditions |
| 2709 00 10 | PETROLEUM CRUDE | STE | Export through Indian Oil Corporation Limited. |
Export through Indian Oil Corporation Limited. However, AMI (ADNOC Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their Commercial Stockpile at Mangalore SPR, at their own cost. |
Effect of this Notification:
STE conditions for export of Petroleum Crude (ITC HS code 27090010) for AMI (ADNOC Marketing International (India) RSC Limited India) is exempted and is allowed to re-export crude oil, from their Commercial Stockpile at Mangalore SPR, at their own cost.
(Santosh Kumar Sarangi)
Director General of Foreign Trade
Ex-Officio Additional Secretary, Government of Indi
E-mail: dgft@nic.in
(Issued from F.No. 01/91/180/21/AM18/EC/Vol-11/e-File- 18994)
