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Date: 16-Mar-2024 Category: Extra Ordinary State: Union Government Country: India

Imposition of Minimum Import Price on Synthetic Knitted Fabrics up to 15th September 2024

Issued by Ministry of Commerce and Industry · Directorate General of Foreign Trade

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Executive Summary & Key Takeaways

What it means

  • The notification revises the import policy and conditions for specific ITC(HS) codes under Chapter 60 of ITC (HS) 2022, Schedule–I(Import Policy), related to synthetic knitted fabrics.
  • A minimum import price of USD 3.50 per kilogram is imposed on five specific Synthetic Knitted Fabric ITC(HS) Codes.
  • This change is effective until September 15, 2024, after which the existing 'Free' import policy, as it was before this notification, will be reinstated unless amended by a subsequent notification.

Key Changes

  • The import policy for ITC(HS) codes 60063100, 60063200, 60063300, 60063400, and 60069000 is revised.
  • Previously, the import of these items was prohibited, but with the new notification, import is 'Free' if the CIF value is USD 3.50 or more per kilogram.
  • This minimum import price is effective up to September 15, 2024.
  • After September 15, 2024, the import policy will revert to the 'Free' status as it was before this notification, unless explicitly amended.

Impact Analysis

Importers

  • Action Item: Importers should re-evaluate their sourcing strategies and pricing to account for the minimum import price. They should also monitor for any further notifications that may amend this policy after September 15, 2024.

Domestic Manufacturers

  • Action Item: Domestic manufacturers should assess the impact of this policy on their sales and market position. They should also optimize their production and pricing strategies to capitalize on the temporary reduction in import competition.

Consumers

  • Action Item: Monitor price changes in the market for synthetic knitted fabrics to understand the impact on consumer spending.

Government

  • Action Item: The Directorate General of Foreign Trade (DGFT) should monitor the implementation of this policy and assess its impact on trade, domestic manufacturing, and consumer prices. Further notifications may be issued based on this assessment.

Key Entities Referenced

Central Government: The issuer of the notification, exercising powers conferred by Section 3 read with Section 5 of FT (D&R) Act, 1992. Directorate General of Foreign Trade (DGFT): The agency responsible for implementing and monitoring the foreign trade policy. Santosh Kumar Sarangi is the Director General. Foreign Trade (Development and Regulation) Act, 1992: The enabling legislation that grants the government the power to regulate foreign trade. Foreign Trade Policy, 2023: The overarching policy framework that guides India's foreign trade. Paragraphs 1.02 and 2.01 are specifically referenced. Ministry of Commerce and Industry: The ministry under which the Department of Commerce and DGFT operate. The notification was issued with the approval of the Minister of Commerce & Industry. ITC(HS) Codes under Chapter 60 of ITC (HS) 2022, Schedule–I(Import Policy): Specific codes related to synthetic knitted fabrics whose import policy is being revised.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-16032024-253165 xxxGIDHxxx CG-DLxx-xEG-I1D6E0x3x2x0 24-253165 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 1369] नई दिल्ली, िजनवार, मार् च16, 2024/फाल्ग नु 26, 1945 No. 1369] NEW DELHI, SATURDAY, MARCH 16, 2024/PHALGUNA 26, 1945 ubZ fnYYkh] 16 ekpZ] 2024 .—le;≤ ij ;Fkk la'kkfsèkr fons'k O;kikj uhfr] 2023 ds iSjkxzkQ 1-02 vkSj 2-01 ds lkFk ifBr fons”k O;kikj ¼fodkl ,oa fofue;½ vfèkfu;e] 1992 dh èkkjk 5 ds lkFk ifBr èkkjk 3 }kjk çnÙk 'kfä;ks a dk ç;ksx djr s gq,]] dsæa ljdkj ,rn~}kjk 15 flracj 2024 rd dh vofèk ds fy, vkÃVhlh ¼,p,l½ 2022 dh vuqlwph&I ¼vk;kr uhfr½ ds vè;k; 60 ds rgr fuEufyf[kr vkÃVhlh ¼,p,l½ dkMs dh vk;kr uhfr vkSj vk;kr uhfrxr “krZ dk s fuEukuqlkj la'kksfèkr djrh gSS% 60063100 &—f=e js'kks a eqDr fuf"k) - rFkkfi] ;fn lhvkÃ,Q ewY; 3-5 dk%&&fcuk ç{kkfyr vefsjdh M‚yj vkSj blls vf/kd izfr ;k ç{kkfyr fdyksxzke gS rks vk;kr *eqDr* gS 60063200 &—f=e js'kks a dk % eqDr fuf"k) - rFkkfi] ;fn lhvkÃ,Q ewY; 3-5 &&jxa k gqvk vefsjdh M‚yj vkSj blls vf/kd izfr fdyksxzke gS rks vk;kr *eqDr* gS 2047 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 60063300 &—f=e j's kks a dk % eqDr fuf"k) - rFkkfi] ;fn lhvkÃ,Q ewY; 3-5 && fofHkUu jaxks a ds vefsjdh M‚yj vkSj blls vf/kd izfr èkkxks a dk fdyksxzke gS rks vk;kr *eqDr* gS 60063400 &—f=e js'kks a eqDr fuf"k) - rFkkfi] ;fn lhvkÃ,Q ewY; 3-5 dk%&eqfær vefsjdh M‚yj vkSj blls vf/kd izfr fdyksxzke gS rks vk;kr *eqDr* gS 60069000 && vU; eqDr fuf"k) - rFkkfi] ;fn lhvkÃ,Q ewY; 3-5 vefsjdh M‚yj vkSj blls vf/kd izfr fdyksxzke gS rks vk;kr *eqDr* gS ekStwnk *eqä* vk;kr uhfr] tSlk fd bl vfèklwpuk ds tkjh gksus ls igy s gS] 16 flracj 2024 ls çHkkoh gksxh] tc rd fd ckn dh vfèklwpuk }kjk Li"V :i ls la'kksfèkr u fd;k tk,A 3-50 vefsjdh M‚yj çfr fdyksxzke dk U;wure vk;kr eYw ; 15 flracj 2024 rd dh vofèk ds fy, ¼5½ fof'k"V ÇlFksfVd cquk gqvk diM+k vkÃVhlh ¼,p,l½ dkMs ij yxk;k x;k gSA ekStwnk ÞeqäÞ vk;kr uhfr] tSlk fd bls tkjh dju s ls igy s gS vfèklwpuk] 16 flracj 2024 ls çHkkoh gksxh] tc rd fd ckn dh vfèklwpuk }kjk Li"V :i ls la'kksfèkr u fd;k tk,A bls okf.kT; ,oa m|ksx e=a h ds vuqeksnu ls tkjh fd;k tkrk gSA [Qk- la- 01@89@180@fofo/k&39@,,e&05@ihlh&2[d]@bZ&1425] larks"k dqekj lkjaxh] egkfuns'kd] fons'k O;kikj ,oa inus vij lfpo MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) NOTIFICATION New Delhi, the 16th March, 2024 No. 77/2023 Subject: Imposition of Minimum Import Price on Synthetic Knitted Fabrics up to 15th September 2024 –reg. S.O. 1435(E).—In exercise of powers conferred by Section 3 read with 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, the Central Government hereby revises the Import Policy and Import Policy Condition of the following ITC(HS) Codes under Chapter 60 of ITC (HS) 2022, Schedule–I(Import Policy), for the period up to 15th September 2024 as under:\ ITC(HS) Item Description Import Revised Existing Policy Revised Policy condition Code Policy Import Policy condition 60063100 -Of synthetic fibres : -- Free Prohibited - However, import is ‘Free’ if CIF Unbleached or bleached value is 3.5 US Dollar and above per Kilogram 60063200 -Of synthetic fibres : -- Free Prohibited - However, import is ‘Free’ if CIF Dyed value is 3.5 US Dollar and above per Kilogram 60063300 -Of synthetic fibres : -- Of Free Prohibited - However, import is ‘Free’ if CIF yarns of different colours value is 3.5 US Dollar and above per Kilogram 60063400 -Of synthetic fibres : -- Free Prohibited - However, import is ‘Free’ if CIF Printed value is 3.5 US Dollar and above per Kilogram 60069000 -- Other Free Prohibited - However, import is ‘Free’ if CIF value is 3.5 US Dollar and above per Kilogram 2. The existing ‘Free’ Import Policy, as it stands prior to the issuance of this Notification, shall be in effect starting from 16th September 2024, unless expressly amended by subsequent notification.[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 Effect of the Notification: Minimum Import Price of US Dollar 3.50 per Kilogram is imposed on (5) specific Synthetic Knitted Fabric ITC(HS) Codes for the period up to 15th September 2024. The existing ‘Free’ Import Policy, as it stands prior to the issuance of this Notification, shall be in effect starting from 16th September 2024, unless expressly amended by subsequent notification. This is issued with the approval of Minister of Commerce & Industry. [F. No. 01/89/180/Misc-39/AM-05/PC-2[A]/E-1425] SANTOSH KUMAR SARANGI, Director General of Foreign Trade & Ex- officio Addl. Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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