High Seas Sales - FTA Benefit Denied?
IN a recent meeting of a Trade Facilitation Committee of a major Custom House, the Trade informed that the goods covered under the Foreign Trade Agreement, once sold on High Seas Sales Agreement, are not given FTA benefits as the name of the Importer and the Invoice Number does not commensurate with the FTA Certificate issued by the Exporting country. They also insisted that the Agreement benefit is on the Goods imported, not to the specific Importer.
The Department informed that that the matter has been referred to the Board and reply is awaited. It will come after a couple of years.