Export of pulses – LCs after 22.6.2006 not valid
As per para 1.5 of the FTP,
In case an export or import that is permitted freely under this Policy is subsequently subjected to any restriction or regulation, such export or import will ordinarily be permitted notwithstanding such restriction or regulation, unless otherwise stipulated, provided that the shipment of the export or import is made within the original validity of an irrevocable letter of credit established before the date of imposition of such restriction.
Government had prohibited export of pulses by Notification No. 15/ 2006 dated 27.6.2006 and as per the policy, pulses covered under a letter of credit prior to 27.6.2006, should be allowed. But now the DGFT has announced that
“the transitional arrangements notified under para 1.5 of the Foreign Trade Policy ,2006 shall not be applicable for export of pulses against irrevocable Letters of Credit opened on or after 22.6.2006 as the decision of the Government prohibiting the export of pulses was announced and got widely publicised on 22.6.2006 in the electronic and print media .”
Publication in the media is taken as date of effect. But then why is the government often shy about giving information to the media?
NOTIFICATION NO. Dated : JULY 4, 2006