Introduction: The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce & Industry, Government of India, has issued Public Notice No. 37/2023-DGFT on 12th January 2024. This notice addresses the extension of the validity of Pre-Shipment Inspection Agencies (PSIAs) in accordance with the Foreign Trade Policy 2023.
Detailed Analysis: In the exercise of powers conferred by the Foreign Trade Policy 2023, the Director General of Foreign Trade, Santosh Kumar Sarangi, has extended the recognition of Pre-Shipment Inspection Agencies listed in Appendix 2G of A&ANF. This extension applies to those agencies completing their original tenure of three years as of 27th December 2023, and the validity now extends up to 31st March 2024.
The decision to extend the validity of PSIAs is crucial for businesses involved in foreign trade. It allows these agencies to continue their operations, ensuring the smooth functioning of pre-shipment inspections, which play a pivotal role in international trade practices.
The effects of Public Notice No. 37/2023-DGFT are significant. The extension of validity from 27th December 2023 to 31st March 2024 provides relief to the listed PSIAs and the businesses relying on their services. It also aligns with the overarching goal of promoting hassle-free and efficient foreign trade.
The role of DGFT, being the regulatory authority, becomes evident in safeguarding the interests of businesses engaging in foreign trade. The extension reflects a pragmatic approach, considering the challenges and disruptions that businesses may face in adhering to the original tenure during unforeseen circumstances.
Conclusion: In conclusion, the extension of PSIAs’ validity by the DGFT is a strategic move to support businesses and maintain the integrity of pre-shipment inspection processes. It showcases the government’s commitment to facilitating a conducive environment for foreign trade amid dynamic global scenarios. Businesses affected by the original tenure completion will benefit from this extension, fostering smoother international trade transactions until 31st March 2024. For further inquiries or clarifications, interested parties can contact the DGFT through the provided email address: dgfignic.in.
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Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan, New Delhi
Public Notice No. 37/2023-DGFT | Dated : 12th January, 2024
Subject: Extension of validity of Pre-Shipment Inspection Agencies (PSIAs)- reg.
In exercise of powers conferred under the paragraph 1.03 read with paragraph 2.04 of the foreign Trade Policy, 2023, the Director General of Foreign Trade in relaxation of the provision as in Para 2.52 (c) of Handbook of Procedures, 2023 notifies as under:-
The validity of recognition of the Pre-Shipment Inspection Agency (PSIAs) included in Appendix 2G of Appendices and Aayat Niryat Forms (A&ANF) of Foreign Trade Policy 2023 which are completing their original tenure of three years as on 27.12.2023 is extended upto 31.03.2024.
2. Effects of this public notice: Validity of Pre-Shipment Inspection Agency (PSIAs) as listed in the Appendix 2G of A&ANF, has been extended from 27.12.2023 to 31.03.2024.
(Santosh Kumar Sarangi)
Director General of Foreign Trade
Ex-officio Additional Secretary to Government of Insia
Email: dgfignic.in
(Issued from File No. 01/53/8/AM20/PSIA-2/1C/E-18059)
