The Ministry of Commerce and Industry on January 4th 2025 , through the Directorate General of Foreign Trade (DGFT), has announced an extension of the Minimum Import Price (MIP) condition on specific synthetic knitted fabrics for a further three months, until March 31, 2025.
The Central Government revised the import policy on a total of 13 ITC (HS) codes related to synthetic knitted fabrics, primarily covering synthetic fibers and manmade fibers. The key update extends the MIP conditions originally established in prior notifications dated March 16, 2024, and October 1, 2024, until the end of the first quarter of 2025.
Details of the Extension:
Under the updated import policy, the following synthetic knitted fabrics are “Restricted” for import unless the Cost, Insurance, and Freight (CIF) value meets the threshold of $3.50 per kilogram:
- 60063100: Unbleached or bleached synthetic fibers
- 60063200: Dyed synthetic fibers
- 60063300: Yarns of different colors made from synthetic fibers
- 60063400: Printed synthetic fibers
- 60069000: Other synthetic fibers
- 60019200: Other manmade fibers
- 60041000: Knitted fabrics exceeding 30 cm in width, with 5% or more elastomeric yarn
- 60049000: Other synthetic fabrics
- 60053600: Unbleached or bleached synthetic fibers (other)
- 60053790: Other synthetic fabrics
- 60053900: Other printed synthetic fibers
- 60062200: Dyed cotton fabrics
- 60064200: Dyed artificial fiber fabrics
For fabrics covered under these ITC codes, the import condition will remain restricted unless the CIF value is $3.50 per kilogram or more. Imports meeting this value threshold will be treated as “Free” and can enter the market without restrictions.
Exemptions to the MIP:
The notification also outlines certain exemptions to the Minimum Import Price condition. Specifically, the MIP will not apply to imports made by:
- Advance Authorisation holders
- Export Oriented Units (EOUs)
- Units in Special Economic Zones (SEZs)
However, these imports must adhere to the condition that the goods are not sold into the Domestic Tariff Area (DTA), meaning they must be used for export or processed within special economic zones.
