Executive Summary:
This notification amends the import policy for synthetic knitted fabrics under Chapter 60 of the ITC HS, 2022. It extends the Minimum Import Price (MIP) condition on 13 specified ITC HS codes from January 1, 2025, to March 31, 2025. Certain importers are exempted from the MIP condition.
Key Points / Main Content:
* **Extension of Minimum Import Price (MIP):**
* The MIP condition is extended on 13 ITC HS codes of synthetic knitted fabrics from 01.01.2025 to 31.03.2025.
* The specified ITC HS codes are: 60063100, 60063200, 60063300, 60063400, 60069000, 60019200, 60041000, 60049000, 60053600, 60053790, 60053900, 60062200, and 60064200.
* **Import Policy:**
* Import of these fabrics is restricted, but free if the CIF value is USD 3.5 or above per kilogram.
* **Exemptions:**
* Advance Authorisation holders, Export Oriented Units (EOUs), and units in Special Economic Zones (SEZ) are exempt from the MIP condition.
* This exemption is conditional on the imported inputs not being sold into the Domestic Tariff Area (DTA).
Impact Analysis:
* **Importers of Synthetic Knitted Fabrics:**
* Impact: Face restricted import conditions unless CIF value is USD 3.5 or above per KG, or unless they are Advance Authorisation holders, EOUs, or in SEZs and not selling to DTA.
* Action Required: Ensure CIF value meets the minimum price or comply with regulations for Advance Authorisation, EOU, or SEZ units.
* **Advance Authorisation Holders, Export Oriented Units (EOUs), and Units in SEZ:**
* Impact: Exempted from MIP condition if imported inputs are not sold in DTA.
* Action Required: Ensure imported inputs are not sold in DTA to maintain exemption.
* **Directorate General of Foreign Trade (DGFT):**
* Impact: Responsible for implementing and monitoring the amended import policy.
* Action Required: Enforce the policy and monitor compliance.
Key Entities Referenced
Directorate General of Foreign Trade: An agency of the Ministry of Commerce and Industry, Government of India, responsible for implementing the Foreign Trade Policy.
Foreign Trade Policy, 2023: A policy document outlining guidelines and objectives for India's foreign trade.
FTDR Act, 1992: The Foreign Trade (Development and Regulation) Act, 1992, which provides the legal framework for foreign trade in India.
ITC HS: Indian Trade Classification (Harmonized System) - a system for classifying goods in international trade.
Synthetic Knitted Fabrics: The type of goods that are the subject of the import policy amendment in the notification.
Minimum Import Price MIP: A price threshold below which imports are restricted, applied to specific ITC HS codes of Synthetic Knitted Fabrics.
Export Oriented Units EOUs: Enterprises focused on exporting goods and services, often receiving special incentives and exemptions.
SEZ: Special Economic Zone, a designated area with different economic regulations compared to the rest of the country to promote investment and trade.
[To be published in the Gazette of India Extraordinary Part-II, Section- 3, Sub-
Section (ii)]
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan
Notification No. 49 /2024-25
New Delhi, Dated: uy January, 2025
Subject: Amendment in Import Policy and Import Policy Condition
of Synthetic Knitted Fabrics Covered under Chapter 60 of
the ITC (HS), 2022- reg.
S.O.: In exercise of powers conferred by Section 3 and Section 5 of FT (D&R)
Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy,
2023, as amended from time to time, and in partial modification to Notification
No. 77/2023 dated 16.03.2024 and Notification No. 33/2024-25 dated
01.10.2024 the Central Government hereby extends the condition of Minimum
Import Price (MIP) on the following 13 ITC (HS) codes of Synthetic Knitted
Fabrics from 01.01.2025 to 31.03.2025 as under:
ITCCHS) Item Revised Policy condition
Code |Description Import
Policy
60063100 |-Of synthetic fibres: | Restricted |However, import is ‘Free’ iff
-- Unbleached or CIF value is 3.5 US Dollar
bleached and above per Kilogram
60063200 |-Of synthetic fibres: | Restricted |However, import is ‘Free’ iff
-- Dyed CIF value is 3.5 US Dollar
and above per Kilogram
60063300 |-Of synthetic fibres: | Restricted |However, import is ‘Free’ iff
-- Of yarns of CIF value is 3.5 US Dollar
different colours and above per Kilogram
60063400 |-Of synthetic fibres: | Restricted [However, import is ‘Free’ iff
-- Printed CIF value is 3.5 US Dollar
and above per Kilogram
60069000 |-- Other Restricted |However, import is ‘Free’ iff
CIF value is
3.5 US Dollar and above per
Kilogram
60019200 |- Other : -- Of man- Restricted |However, import is ‘Free’ if
made fibres CIF value is 3.5 US Dollar
and above per Kilogram
——60041000 |Knitted or Restricted However, import is ‘Free’ iff
crocheted fabrics CIF value is 3.5 US Dollar
of a width and above per Kilogram
exceeding 30 cm,
containing by
weight 5 percent or
more of
elastomeric yarn or
rubber thread,
other than those of
heading 60.01.
60049000 |- Other Restricted |However, import is ‘Free’ iff
CIF value is 3.5 US Dollar|
and above per Kilogram
60053600 |- Of synthetic fibres Restricted /However, import is ‘Free’ if
: -- Other, CIF value is 3.5 US Dollar
unbleached or and above per Kilogram
bleached
60053790 |--- Other Restricted |However, import is ‘Free’ if
CIF value is 3.5 US Dolla
and above per Kilogram
(60053900 + Of Restricted [However, import is ‘Free’ iff
synthetic fibres : -- CIF value is 3.5 US Dollar|
Other, printed land above per Kilogram
60062200 |- Of cotton : Restricted |However, import is ‘Free’ if
-- Dyed CIF value is 3.5 US Dollar
and above per Kilogram
60064200 |- Of artificial fibres: -| Restricted |However, import is ‘Free’ if
- Dyed CIF value is 3.5 US Dollar
and above per Kilogram
2. Minimum Import Price (MIP) condition on above items shall not be applicable for
imports by Advance Authorisation holders, Export Oriented Units (EOUs) and units in the
SEZ subject to the condition that the imported inputs are not sold into Domestic Tariff Area
(DTA).
Effect _of the Notification :
Import of Synthetic Knitted Fabrics under ITC(HS) 60063100,
60063200, 60063300, 60063400, 60069000, 60019200, 60041000, 60049000,
60053600, 60053790, 60062200 and 60064200 is “Restricted”. However, import
is ‘Free’ if CIF value is 3.5 US Dollar and above per Kilogram. Further, inputs
imported by Advance Authorisation holders, EOUs and SEZ shall be exempted from MIP
condition.
This is issued with the approval of Minister of Commerce &
Industry. Boma ne
Ben”
(Santosh Kumar Sarangi)
Director General of Foreign Trade &
Ex- officio Addl. Secretary to the Government of India
E-mail: dgft@nic.in
(F.No. 01/89/180/Misc-39/AM-05/PC-2[A |/E-1425)