Date: 2016-06-29Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by Section 5 of the Foreign Trade Development and Regulation Act 1992 as amended read with Para 1 02 of the Foreign Trade Policy
Executive Summary:
This notification, issued by the Directorate General of Foreign Trade, Ministry of Commerce and Industry, amends the Foreign Trade Policy (FTP) 2015-2020, specifically paragraph 2.18, with immediate effect from June 29, 2016. The amendment lifts the prohibition on the direct or indirect export/import of specified items to/from Iran, subject to conditions outlined in UN Security Council Resolution 2231 (2015) and IAEA documents.
Key Points / Main Content:
* **Amendment Overview:**
* Paragraph 2.18 of the Foreign Trade Policy (FTP) 2015-2020 is amended.
* The amendment is effective immediately (June 29, 2016).
* **Trade with Iran:**
* The prohibition on direct or indirect export to/import from Iran of specified items is lifted.
* Direct or indirect export/import is now permitted subject to UN Security Council Resolution 2231 (2015) and specified IAEA documents.
* **Governing Documents:**
* Permitted trade is subject to provisions in Annex B to the United Nations Security Council Resolution 2231 (2015).
* Relevant items are listed in IAEA documents INFCIRC/254/Rev.9/Part 1 and INFCIRC/254/Rev.7/Part 2, as updated.
* Relevant items are listed in UN Security Council document S/2015/546, as updated.
* UN Security Council and IAEA documents are available on their respective websites.
Impact Analysis:
* **Exporters and Importers:**
* *Impact:* Can now engage in direct or indirect trade of previously prohibited specified items with Iran, provided they adhere to the conditions set by UN Security Council Resolution 2231 (2015) and IAEA documents.
* *Action Required:* Review UN Security Council Resolution 2231 (2015) and IAEA documents to ensure compliance before engaging in trade with Iran.
* **Directorate General of Foreign Trade (DGFT):**
* *Impact:* Responsible for implementing and overseeing the amended trade policy.
* *Action Required:* Ensure the updated policy is effectively communicated and enforced.
* **Customs Authorities:**
* *Impact:* Need to be aware of the revised regulations regarding trade with Iran.
* *Action Required:* Update procedures to reflect the lifting of the prohibition on specified items, subject to compliance with UN Security Council Resolution 2231 (2015) and IAEA documents.
Key Entities Referenced
Foreign Trade Policy 2015-2020: A policy document related to foreign trade, valid from 2015 to 2020.
Iran: A country subject to trade regulations and restrictions, specifically regarding imports and exports.
United Nations Security Council Resolution 2231 (2015): A resolution by the UN Security Council that impacts trade relations, specifically with Iran, and dictates permitted items for import/export.
International Atomic Energy Agency (IAEA): An international organization that specifies documents and standards, referenced in the context of permitted trade items with Iran.
Foreign Trade Development and Regulation Act, 1992: An act that gives power to the Central Government to amend the foreign trade policy.
Ministry of Commerce and Industry: The ministry responsible for foreign trade and policy.
Directorate General of Foreign Trade: The directorate responsible for the implementation of foreign trade policy.
Ajay Kumar Bhalla: Director General of Foreign Trade.
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MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
NOTIFICATION
New Delhi, the 29 June, 2016
No. 13/2015-2020
Subject: Amendment in Para 2.18 of Foreign Trade Policy (FTP) 2015-2020
S.O. 2236(E).— In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and
Regulation) Act, 1992, as amended, read with Para 1.02 of the Foreign Trade Policy, 2015-2020, the Central Government
hereby makes the following amendment in the Foreign Trade Policy (FTP) 2015-2020 with immediate effect:
Amended Para 2.18 of FTP 2015-2020 shall read as under:
“2.18 Direct or Indirect Export/Import to/from Iran
(a) Direct or indirect export to Iran or import from Iran of any item, material, equipment, goods or technology
mentioned in the following documents would be permitted subject to the provisions contained in Annex B to the
United Nations Security Council Resolution 2231 (2015).
i. Items listed in INFCIRC/254/Rev.9/Part 1 and INFCIRC/254/Rev.7/Part 2 (IAEA Documents) as
updated by the IAEA from time to time.
ii. Items listed in S/2015/546 (UN Security Council document) as updated by the Security Council
from time to time.
(b) All the UN Security Council Resolutions/Documents and IAEA Document referred to above are available on
the UN Security Council website (http://www.un.org/en/sc/ documents/) and IAEA website (www.iaea.org).”
2. Effect of this notification:-
The prohibition on direct or indirect export to Iran or import from Iran of specified items is lifted. Direct or indirect
export to Iran or import from Iran is now permitted subject to UN Security Council Resolution 2231(2015) and IAEA
specified documents.
[(F. No. 01/091/171/39/AM07/PC III (EC)]
AJAY KUMAR BHALLA, Director General of Foreign Trade
Uploaded by the Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.