CBIC commences operation of Duty Free Import Authorization under new FTP 2023

Central Board of Indirect Taxes & Customs vide notification dated 1st April, 2023 has exempted materials imported into India against a valid Duty Free Import Authorization issued by the Regional Authority under the Foreign Trade Policy from the whole of the duty of customs leviable subject to the following conditions, namely :-

1. That the said authorization is produced before the proper officer of customs at the time of clearance for debit;
2. That Standard Input Output Norms (SION) number, description, quantity and Free on Board value of the resultant product exported and the shipping bill number(s) and date(s) are endorsed on the said authorisation
3. That the description and other specifications wherever applicable, value and quantity of materials imported are mentioned in the said authorisation and the value and quantity thereof are within the limits specified in the said authorisation:
4. That the said authorisation shall be transferable subject to such conditions as may be specified;
5. That the imports and exports are undertaken through the seaports, airports or through the inland container depots or through the land customs stations as prescribed.
6. That the exports as specified in the said authorization (both in value and quantity terms) were fulfilled within the period specified in the Foreign Trade Policy.