Follow Us :

Introduction: The Ministry of Commerce & Industry, Government of India, through the Directorate General of Foreign Trade (DGFT), has issued Notification No. 61/2023 on 23rd February 2024. This notification brings significant amendments to the import policy for Yellow Peas under ITC(HS) Code 07131010, impacting importers and trade dynamics.

Detailed Analysis: The notification exercises powers conferred by the Foreign Trade (Development & Regulation) Act, 1992, and aligns with the Foreign Trade Policy (FTP) 2023. It serves as an extension to Notification No. 50/2023, dated 08.12.2023, continuing the regulatory journey for Yellow Peas.

The revised policy conditions are highlighted for ITC(HS) Code 07131010 – Yellow Peas. Initially ‘Free’ without Minimum Import Price (MIP) conditions and Port Restriction until 31st March 2024, the amendment introduces changes effective 1st April 2024. Post this date, the import policy becomes ‘Restricted,’ reverting to pre-Notification 50/2023 conditions.

Importantly, all Yellow Peas imports up to 31st March 2024 require compulsory registration under the Import Monitoring System. The revised conditions now tie the ‘Free’ status to the issuance of the Bill of Lading (Shipped on Board) on or before 30th April 2024. Subsequent imports face ‘Restricted’ status, with conditions prior to Notification 50/2023 coming into force.

The notification hints at additional procedures for prior registration of Yellow Peas consignments under the Import Monitoring System, promising separate notification.

Conclusion: DGFT Notification 61/2023 transforms the landscape for Yellow Peas importers. The extension till 30th April 2024 provides a window for ‘Free’ imports, subject to immediate registration under the Import Monitoring System. Importers must adapt to the revised conditions, and the forthcoming detailed procedures for consignment registration will play a crucial role in compliance. The notification, issued with the approval of the Minister of Commerce & Industry, underscores the government’s commitment to regulate and monitor foreign trade for specific commodities. Importers and stakeholders are advised to stay abreast of further developments and notifications from DGFT to ensure seamless compliance with the revised import policy for Yellow Peas.

***

Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan

Notification No. 61/2023-DGFT | Dated: 23rd February, 2024

Subject: Extension in Import Period for Yellow Peas under ITC (HS) Code 07131010 of Chapter 07 of ITC (HS), 2022, Schedule –I (Import Policy).

S.O. 846(E).—In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy (FTP) 2023, as amended from time to time, and in continuation to Notification No. 50/2023 dated 08.12.2023, the Central Government hereby amends Import Policy conditions for Yellow Peas under ITC(HS) Code 07131010 of Chapter 07 of ITC(HS), 2022, Schedule –I (Import Policy) as under‑

ITC(HS) Code & Description  

Existing Policy Condition Revised Policy Condition
07131010-­Yellow Peas a) Import is ‘Free’ without the MIP condition and without Port Restriction, for the period up to 31st March 2024. Import consignments where Customs out-of-charge is issued after 31st March 2024 shall not be considered as ‘Free’. a) Import is ‘Free’ without the MIP condition and without Port Restriction, for Import consignments where Bill of Lading (Shipped on Board) has been issued on or before 30th April 2024.
b) With effect from 1st April 2024, the ‘Restricted’ Import Policy and  associated Policy conditions as existing prior to this Notification shall come into force. b) Imports where Bill of Lading (Shipped on Board) is issued after 30th April 2024 shall be ‘Restricted’ and associated Import Policy Conditions as existing prior to DGFT Notification No. 50/2023 dated 08.12.2023 shall come into force.
c) All import of Yellow Peas during this period up to 31st March 2024 shall be allowed subject to compulsory registration under the Import Monitoring System. c) All Import of Yellow Peas where Bill of Lading (Shipped on Board) is dated on or before 30th April 2024 shall be subject to compulsory registration and uploading the copy of Bills of Lading under the Import Monitoring System.

2. Revised Procedures in regard to prior registration of Yellow Peas consignments under the Import Monitoring System shall be notified separately.

Effect of the Notification: Import of Yellow Peas under ITC(HS) Code 07131010 is “Free’ without the MIP condition and without Port Restriction, subject to registration under the Import Monitoring system, with immediate effect for all Import Consignments where Bill of Lading (Shipped on Board) is issued on or before 30th April 2024.

This is issued with the approval of the Minister of Commerce & Industry.

(Santosh Kumar Sarangi)
Director General of Foreign Trade &
Ex- officio Addl. Secretary to the Government of India
E-mail: dgft@nic.in

[Issued from F. No.M-5012/300/2002/PC-2[A]/Part-VI/E-9019]

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Post by Date
April 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930