Introduction: The Indian Ministry of Commerce & Industry, through Notification No.50/2023-DGFT, has announced a significant amendment to the Import Policy and Policy Conditions for Yellow Peas under ITC(HS) Code 07131010. This move aims to streamline the import process and enhance trade dynamics related to Yellow Peas.
Detailed Analysis:
1. Policy Changes Overview:
- The existing import policy categorized Yellow Peas as “Restricted.”
- Under the previous conditions, import required adherence to an annual quota, Minimum Import Price (MIP) of Rs. 200/- and above CIF per kilogram, and restriction to Kolkata Sea port.
- Import restrictions did not apply to government commitments under bilateral or regional agreements or Memoranda of Understanding.
2. Revised Import Policy and Conditions:
- The amended policy declares Yellow Peas import as “Free” without MIP conditions and port restrictions until March 31, 2024.
- Import consignments with Customs out-of-charge issued after March 31, 2024, will not enjoy the “Free” status.
- Starting April 1, 2024, the previous “Restricted” import policy and associated conditions will be reinstated.
3. Compulsory Registration Under Import Monitoring System:
- All Yellow Peas imports until March 31, 2024, require compulsory registration under the Import Monitoring System.
- Procedures for prior registration of Yellow Peas consignments will be separately notified.
4. Immediate Impact on Trade:
- The immediate effect of this notification is that Yellow Peas import under ITC(HS) Code 07131010 is “Free” until March 31, 2024, subject to registration under the Import Monitoring System.
- MIP conditions and port restrictions are not applicable during this period.
Conclusion: The amendment signifies a pivotal shift in the approach towards Yellow Peas import, promoting a more liberalized trade environment. Traders and stakeholders need to adapt to the revised conditions and leverage the “Free” status until March 31, 2024. The government’s emphasis on the Import Monitoring System underscores the importance of a regulated and monitored trade ecosystem.
This notification, approved by the Minister of Commerce & Industry, reflects the government’s commitment to fostering a conducive environment for international trade.
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Notification No. 50/2023 – DGFT | Dated: 08th December, 2023
Subject: Amendment of Import Policy and Policy Conditions for Yellow Peas under ITC(HS) Code 07131010 of Chapter 07 of ITC(HS), 2022, Schedule –I (Import Policy).
S.O. 5226(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, the Central Government hereby amends Import Policy and Policy conditions for Yellow Peas under ITC(HS) Code 07131010 of Chapter 07 of ITC(HS), 2022, Schedule –I (Import Policy) as under
| HS Code & Description | Existing Import Policy | Existing Policy Condition | Revised Import Policy | Revised Policy Condition |
| 07131010–Yellow Peas | Restricted | Import of Peas shall be subject to an annual (fiscal year) quota Minimum Import Price (MIP) of Rs. 200/- and above CIF per kilogram and import is allowed through Kolkata Sea port only. This Restriction shall not apply to Governments import commitments under any Bilateral or Regional Agreement or Memorandum of Understanding. |
Free | 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’.
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. 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. |
2. 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” subject to registration under the Import Monitoring system with immediate effect for the period up to 31st March 2024. MIP condition and Port Restriction shall also not be applicable to such Yellow Peas imports for the period up to 31st March 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: [email protected]
[Issued from F. No.M-5012/300/2002/PC-2[A]/Part-VI/E-9019]
