Home India Ministry of Commerce and Industry In exercise of the powers conferred by Section 3 of the Fore...
Date: 2018-12-31 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by Section 3 of the Foreign Trade Development and Regulation Act

Issued by Ministry of Commerce and Industry · Department of Commerce

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Executive Summary & Key Takeaways

Executive Summary: This notification, issued by the Ministry of Commerce and Industry on December 31, 2018, amends Schedule 2 of the ITCHS Classification of Export and Import Items. The amendment adds Krishnapatnam port to the list of ports permitted for the import and export of sawn timber. This change is effective immediately. Key Points / Main Content: Amendment Details: * Krishnapatnam port is added to the list of ports in Chapter 44, Schedule 2 of ITCHS for sawn timber import and export. * The existing list of 10 ports is expanded to 11 with the addition of Krishnapatnam port. Policy Conditions: * All existing policy conditions applicable to other ports will also apply to Krishnapatnam port. * Export of sawn timber made exclusively from imported wood logs is now permitted through Krishnapatnam port. Impact Analysis: Exporters and Importers of Sawn Timber: * Impact: Gain an additional port (Krishnapatnam) for import and export activities, potentially affecting logistics and trade routes. * Action Required: Evaluate Krishnapatnam port as a viable option for sawn timber trade and ensure compliance with existing policy conditions. Krishnapatnam Port Authority: * Impact: Increased trade volume due to the addition of sawn timber import and export activities. * Action Required: Ensure infrastructure and procedures are in place to handle sawn timber trade in compliance with existing policies. Directorate General of Foreign Trade (DGFT): * Impact: Responsible for implementing and monitoring the amended policy. * Action Required: Update relevant documentation and systems to reflect the inclusion of Krishnapatnam port.

Key Entities Referenced

Foreign Trade Policy 2015-2020: A government policy that was referenced as the basis for the notification. Foreign Trade Development and Regulation Act, 1992: An act of the parliament of India which empowers the central government to make provisions relating to import and export. ITCHS Classification of Export and Import Items: Indian Trade Clarification based on Harmonized System (ITCHS) of coding, used for classifying export and import items. Krishnapatnam port: A seaport in Andhra Pradesh, India, newly added to the list of ports permitted for import and export of sawn timber. Alok Vardhan Chaturvedi: Director General of Foreign Trade & Ex-officio Additional Secretary who signed the notification. Ministry of Commerce and Industry: The Indian government ministry responsible for international trade and industry. New Delhi: The location where the notification was issued; the capital of India. Sawn timber: The item being regulated for import and export in the notification.
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