**Policy Summary: Imposition of Minimum Import Price on Synthetic Knitted Fabrics**
**Date:** March 16, 2024
**Issuing Authority:** Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India.
**Subject:** Notification No. 77/2023 regarding the imposition of a Minimum Import Price (MIP) on specific Synthetic Knitted Fabrics.
**Purpose:** To revise the Import Policy and Import Policy Condition for specified ITCHS Codes under Chapter 60 of ITC HS 2022, Schedule I – Import Policy.
**Effective Period:** Up to September 15, 2024.
**Key Provision:** A Minimum Import Price of USD 3.50 per Kilogram is imposed on the following Synthetic Knitted Fabric ITCHS Codes:
* 60063100: Of synthetic fibres, Unbleached or bleached
* 60063200: Of synthetic fibres, Dyed
* 60063300: Of synthetic fibres, Of yarns of different colours
* 60063400: Of synthetic fibres, Printed
* 60069000: Other
Imports of these fabrics with a CIF value of USD 3.50 or above per kilogram are permitted.
**Reversion:** The existing Free Import Policy, as it stood prior to this notification, will be reinstated starting September 16, 2024, unless amended by a subsequent notification.
**Authority:** Exercised under Section 3 read with Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, read with paragraphs 1.02 and 2.01 of the Foreign Trade Policy, 2023, as amended.
**Contact:** Santosh Kumar Sarangi, Director General of Foreign Trade, Email: dgft@nic.in, F.No. 0189180Misc39AM05PC2AJE1425.
Key Entities Referenced
Directorate General of Foreign Trade: A department under the Ministry of Commerce and Industry, responsible for implementing foreign trade policy.
Foreign Trade Policy, 2023: The prevailing foreign trade policy document that guides import and export regulations.
FTDR Act, 1992: Foreign Trade (Development and Regulation) Act, the legal framework authorizing the government to regulate foreign trade.
Ministry of Commerce and Industry: The Indian government ministry responsible for the development and regulation of commerce and industry.
New Delhi: The location where the notification was issued.
Synthetic Knitted Fabrics: The specific type of goods affected by the Minimum Import Price.
ITC HS 2022: Indian Trade Classification based on Harmonized System of Coding, 2022 version, Schedule I Import Policy.
Santosh Kumar Sarangi: Director General of Foreign Trade and Ex officio Additional Secretary to the Government of India.
To be published in the Gazette of India Extraordinary Part-II, Section-3, Sub-Section (I!)
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Notification No. 77/2023
New Delhi, Dated: 16'° March 2024
Subject: Imposition of Minimum Import Price on Synthetic Knitted Fabrics up to
15'" September 2024 -reg
S.O.: 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
‘rom 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 15" September 2024 as under:
| ITC(HS) [Item Description [import | Revised | Existing | Revised Policy |
a | Code | ——— nl | Policy | Import | Policy | condition |
ee | ame eee Loe _siekaiey _| condition
sl
60063100 /-Of synthetic fibres) Free | Prohibited | : | However, import is |
|... Unbleached or | | | ‘Free’ if CIF value is |
bleached | | | 3.5 US Dollar and
above per Kilogram |
|
‘60063200 |-Of synthetic fibres! “Free | Prohibited pan However, import is |
‘Free’ if CIF value is
:-- Dyed | | | 3.5 US Dollar and
|
|
a | above per Kilogram
|
60063300 |-Of synthetic fibres! Fre Prohibited
ey
| | - | However, import is
a
‘Free’ if CIF value is
| :- Of yarns of | | 3.5 US Dollar and
| different colours |
| above per Kilogram
|
\60063400 |-Of synthetic fi bres! Free Prohibited | -- | | ‘H Fo rew ee ’v ie f r C, I Fi m vp ao lr ut e i ts s |
: -- Printed
|
| | | | 3.5 US Dollar and |
| | | [ae | above per Kilogram
| ‘0069000, + +-Other == Free | Prohibited | . However, import is |
L |
ee ‘Free’ if CIF value is |3.5 US Dollar Ce 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 16" September 2024, unless expressly amended by
subsequent notification.
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 15"
September 2024. The existing ‘Free’ Import Policy, as it stands prior to the issuance of
this Notification, shall be in effect starting from 16" September 2024, unless expressly
amended by subsequent notification.
This is issued with the approval of Minister of Commerce & Industry.
Gere yo
(Santosh Kumar Sarang))
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/AJ/E-1425)