FTP - Export of Sugar - DGFT Modifies Circular within two days
POLICY Circular No. 62(RE-2010)/2009-14 dated 14.05.2012 prescribed the conditions and modalities for registration of contracts with DGFT for export of sugar in the current sugar season (1st October, 2011-30th September, 2012).
DGFT has modified certain provisions of the circular.
i) The application for issue of RC can be for an amount upto a maximum quantity of 25,000 MT (Twenty five thousand metric tons). Earlier this limit was 10,000 MT per RC.
ii) In addition to export against Letter of Credit (LC) and/or FIRC, export would also be permitted against Cash Against Documents (CAD). Exporters have to indicate type of instrument (LC/FIRC/CAD) while applying for issue of RC.
iii) Export against RC shall be completed within a period of 60 days from the date of issuance of such certificate. Earlier this was given as 30 days.
iv) An applicant is at liberty to seek split RCs for export through more than one port, within the overall quantity limit of 25,000 MTs.
v) Application for second and subsequent RC can be submitted only on completion of at least 50% of export against RC issued to the exporter (quantity permitted in the RC as a whole is to be taken for calculation, not quantity split RC-wise). Exporters have to submit the proof of such exports.
DGFT Policy Circular No. 63/(RE-2010)/2009-14, Dated: May 16, 2012