New Delhi - The Directorate General of Foreign Trade (DGFT), a subordinate body of the Union Ministry of Commerce, has allowed for the conditional import of moong for Indian importers, through a Trade Notice No. 37/2021-22 issued on February 28. The import of moong had previously been allowed until the end of June for goods with a bill of lading up to March 31, 2022, but the government issued a sudden notification on February 11, 2022, banning imports with immediate effect. This created an atmosphere of apprehension as importers who had pre-paid moong import contracts feared huge financial losses. Disturbed by this sudden decision, several organizations of the pulse industry and trade sector asked the government to reconsider. The Directorate General responded by making some amendments to the notification issued on February 11, which are expected to provide relief to the importers.
As per the new revised rule by the DGFT, importers who have paid the entire purchase quantity of moong in full will be allowed to import the total contracted quantity. Similarly, importers who have made partial advance payment will be allowed to order moong in the same proportion. So, for example, if an importer has contracted a total of 500 tons but made an advance payment of only 100 tons, he can import only those 100. But, if he has paid the total price of 500 tons of moong to the exporters, he will be entitled to import the entire quantity.
Importers will have to produce documentary proof of the advance payment, the quantity contracted and the sale agreement, etc. and also show a receipt from the bank to which the payment was made. The import contract of moong must also be dated before February 11 2022 and payment should also be done before this date. The imports will only be valid for the current financial year, which means that the Bill of Lading should be issued on or before March 31 2022. After this date, no request for extension will be entertained.
For Agri Commodities reports, market rates and research, IGrain India can be contacted at +919350141815 or igrainind@gmail.com
READ THE FULL ARTICLE
Disclaimer: The opinions or views expressed in this publication are those of the authors or quoted persons. They do not purport to reflect the opinions or views of the Global Pulse Confederation or its members.
