Agri Buzz: DGFT Lowers Import Licence Validity For Refined Palm Oil To Six Months Instead Of 18 Months

Agri Buzz: DGFT Lowers Import Licence Validity For Refined Palm Oil To Six Months Instead Of 18 Months

Apr 13, 2020 04:04 IST capital market

Directorate General of Foreign Trade (DGTF), under the commerce ministry, has imposed restrictions on imports of refined palm oil, as per which an importer have to seek a license or permission or no-objection certificate for the imports. As per new conditions, the applications for import authorisation should be accompanied with pre-purchase agreement and details of the import for past three years. Validity period of import licenses/authorizations for refined palm oil will be six months in place of usual l8 months. Total non-utilisation of import authorization by the applicant will lead to disqualification of the importer from getting any further license for these items in future. Customs will be required to diligently enforce the rules of origin criteria for import of these items originating from Nepal and Bangladesh, it added.

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