Home India Ministry of Commerce and Industry In exercise of powers conferred by Section 3 of FT D and R A...
Date: 2019-01-15 Category: Extra Ordinary State: Union Government Country: India

In exercise of powers conferred by Section 3 of FT D and R Act, 1992, read with paragraph

Issued by Ministry of Commerce and Industry · Department of Commerce

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Executive Summary & Key Takeaways

Executive Summary: This notification, No. 55/2015-2020, issued on January 15, 2019, amends the import policy condition for Nicotinic Acid, Nicotinamide, and Niacin (Niacinamideniacin) under HS Code 29362920 of ITC (HS) 2017, Schedule I. The amendment removes the requirement of a No Objection Certificate (NOC) from the Narcotics Commissioner, Gwalior, for importing these items, effective immediately. The policy change is issued by the Central Government in exercise of powers conferred by Section 3 of FTDR Act, 1992. Key Points / Main Content: * **Subject:** Amendment in policy condition of Nicotinic Acid, Nicotinamide, Niacin (Niacinamideniacin) under HS Code 29362920 of ITC (HS) 2017, Schedule I Import Policy. * **Policy Amendment:** * HS Code: 29362920. * Item: Nicotinic Acid, Nicotinamide, Niacin (Niacinamideniacin). * Existing Policy: Import was free but subject to Policy Condition No. 3, requiring a No Objection Certificate (NOC). * Revised Policy: The requirement for an NOC for import is removed. * **Effective Date:** The policy change is effective immediately on January 15, 2019. * **Authority:** The Central Government issued the amendment under Section 3 of the Foreign Trade (Development and Regulation) Act, 1992, read with paragraphs 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020. Impact Analysis: * Importers of Nicotinic Acid, Nicotinamide, and Niacin (Niacinamideniacin) * Impact: No longer need to obtain a No Objection Certificate (NOC) from the Narcotics Commissioner, Gwalior, before importing the specified items. * Action Required: Comply with the revised policy and cease the process of acquiring NOCs for imports of these items. * Narcotics Commissioner, Gwalior * Impact: No longer required to issue No Objection Certificates (NOCs) for the import of Nicotinic Acid, Nicotinamide, and Niacin (Niacinamideniacin). * Action Required: Cease issuing NOCs for the import of these items.

Key Entities Referenced

Foreign Trade Policy, 2015-2020: A policy governing foreign trade, referenced in the notification. Foreign Trade (Development and Regulation) Act, 1992: An act of the Indian Parliament that provides the legal framework for foreign trade. ITC (HS) 2017, Schedule I Import Policy: Indian Trade Classification (Harmonised System) schedule related to import policies. Nicotinic Acid: A chemical compound, the import policy of which is being amended by the notification. Nicotinamide: A chemical compound, the import policy of which is being amended by the notification. Also referred to as Niacinamide. HS Code 29362920: The Harmonized System code for Nicotinic Acid and Nicotinamide, as referenced in the document. Ministry of Commerce and Industry: The Indian government ministry responsible for foreign trade and industry. Narcotics Commissioner, Gwalior, Madhya Pradesh: The authority that previously issued No Objection Certificates (NOC) for the import of Nicotinic Acid and Nicotinamide.
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