MCI amends the Handbook of procedure 2015-2020

Jul 23, 2021 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The Ministry of Commerce and Industry (MCI) on July 22, 2021 has issued a notification regarding the amendment in the Handbook of procedure 2015-2020. 

The following amendments have been made: 

• Paragraph 4.41 (e), which specifies the validity period for import and revalidation of authorisation, has been inserted, namely: 

“For Advance Authorizations issued on or after 15.08.2020 and not covered under Para 4.41(b) above, only one revalidation for twelve months from expiry date shall be allowed. No further revalidation would be allowed for such authorisations. The provision for revalidation as under Para 4.41(c) shall also not be applicable for such Advance Authorisations. Applications for any such revalidation may be submitted online to the concerned Regional Authority on or after August 01, 2021.

• Paragraph 4.51, which specifies the maintenance of proper accounts, has been substituted, namely: 

“Every Advance Authorisation holder shall maintain a true and proper account of consumption and utilisation of duty free imported / domestically procured goods against each authorisation as prescribed in Appendix 4H or 4I, as applicable. These records are required to be filed online at the beginning of each licensing year for all those authorisations, which have been redeemed in previous licensing year. The same may be submitted on the DGFT Website under Dashboard---- Repository---- CA/CE Repository.

• Paragraph 4.57, which specifies the maintenance of proper accounts of import and its utilisation, has been substituted, namely: 

“Original DFIA holder shall maintain a true and proper account of consumption and utilisation of duty free imported / domestically procured goods against each authorisation as prescribed in Appendix 4H. These records are required to be filed online to Regional Authority concerned along with request for bond waiver / transferability.”

[Notification No. 16/2015-2020]

 


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