Among fertilizers, only urea is under price control at present. The price changes are published by way of notifications by the Department of Fertilizers
Among fertilizers, only urea is under price control at present. The price changes are published by way of notifications by the Department of Fertilizers.
44. What are the exceptions and under what provisions are there exceptions to the obligation of registering as an importer? (Page 41, paragraph 8)
Reply: The same is at para 2.8 of the Handbook of Procedure Vol 1 and is available at http://dgft.gov.in.
45. Could India explain the "importer exporter code"? Will a person doing both import and export require two codes? (Page 41, paragraph 8)
Reply: Importer exporter code (IEC) number is needed for any person to import or export any product. One IEC Number is sufficient for both imports and exports. Two codes are not required.
46. Is it possible to release goods imported for domestic consumption to be released with a guarantee? In what cases can the guarantee be waived? (Page 41, paragraph 9)
Reply: Yes, but it is not possible to release goods imported for domestic consumption with a guarantee in all cases. As for instance, the goods prohibited for import or the goods restricted for import subject to fulfillment of certain conditions cannot be released on the basis of a guarantee.
Nevertheless, the regime for home consumption provides for release of the goods upon provision of a security in certain situations, as for instance, where there is a delay in the final determination of the customs value of the goods. Sometimes, it is not possible to finally determine the customs value of the goods due to non availability of some relevant information and/or documents. Withholding release of goods in such cases may cause hardship to the importers by way of payment of demurrage/detention charges, disturbance in production schedule and other financial losses. To meet such exigencies, provisions have been made in Section 18 of the Customs Act, 1962 (details may be viewed at www.cbec.gov.in) to assess the duty provisionally and to authorize release of the goods upon submission of a security by the importer pending final determination of the customs value.
