The Directorate General of Foreign Trade vide its notification dated 11th April 2022, has decided to re-operationalise the scrip transfer recording module with additional features/limitations.
The additional features which have been added to the Scrip Transfer Recording Module are:
- Introduction of time-lag for transfer of scrip from the original scrip owner to the next transferee, i.e. the original owner of the scrip (A) will not be able to transfer the scrip to another entity (B) on an immediate basis and will be able to do that after ‘n’ number of days from the scrip issue date;
- Introduction of time-lag for scrip transfer from one entity to another, i.e. the next scrip transfer from entity B to entity C can take place after ‘x’ number of hours of the last transfer;
- Introduction of time-lag for transfer of scrip subsequent to IEC Modification, i.e. once IEC has been modified in the IT database, the IEC holder will be able to transfer scrips only after ‘x’ number of hours of IEC modification date/time;
- Introduction of limit on the number of scrip transfers which can be initiated for transfer or accepted by each IEC per day i.e. ‘y’ number of scrips can only be initiated for transfer or transfer accepted by each IEC per day;
- Automatic de-linking of users from IEC every 6 months;
- Automatic de-linking of digitial signature and aadhaar registration every 90days;
The original duty scrip holder are directed to register the duty credit scrip at the Port of Registration with Customs and the ‘transfer’ of scrips from one IEC to another IEC will be as per the negotiated terms & conditions between the buyer and the seller.
