Home India Ministry of Commerce and Industry In exercise of the powers conferred by Section 5 of the Fore...
Date: 2016-07-26 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by Section 5 of the Foreign Trade Development Regulation Act 1992 No 22 of 1992

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 Directorate General of Foreign Trade, amends the export policy for potatoes. Effective immediately, it modifies Chapter 7 of Schedule 2 of ITCHS Classification of Export and Import Items, specifically regarding the Minimum Export Price (MEP) for potatoes. The notification substitutes the existing table related to potato exports with immediate effect. Key Points / Main Content: Amendment Details: * Sl. No. 50A relating to export of potato is substituted. * The existing table in respect of Sl. No. 50A is replaced by the details mentioned in this notification. Export Policy Change: * Potatoes (fresh or chilled) under HS Code 07019000 can be freely exported. * Export of potatoes is permitted subject to a Minimum Export Price (MEP) of US$360 per metric ton. Impact Analysis: Exporters of Potatoes: Impact: Exporters are now subject to a minimum export price of US$360 per metric ton for fresh or chilled potatoes. Action Required: Exporters need to ensure that all potato exports meet or exceed the specified MEP to comply with the amended policy.

Key Entities Referenced

Foreign Trade Policy, 2015-2020: A policy document related to foreign trade regulations. Foreign Trade Development and Regulation Act, 1992: An act of the Indian Parliament regulating foreign trade. New Delhi: The location where the notification was issued. Directorate General of Foreign Trade: The issuing authority for the notification. Anup Wadhawan: Director General of Foreign Trade. Ministry of Commerce and Industry: The ministry overseeing foreign trade. Schedule 2 of ITCHS Classification of Export and Import Items: A schedule that classifies items for import and export. Potato: Agricultural product which is subject to export regulation (Minimum Export Price).
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