WHAT IS GST?
GST i.e.Goods and Service Tax is a unified tax that replaces several indirect taxesleviedby the Central Government and the State Government(s)....
Read moreGovernment of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Udyog Bhawan
Notification No. 60 (RE-2010)/2009-2014
New Delhi, 19th July, 2011
Subject: Exemption for export of 10 lakh MT non basmati rice on private A/C
S.O. (E) In exercise of the powers conferred by Section 5 of Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes, with immediate effect, the following amendment to Notification No. 38 (RE-2007)/2004-2009, dated 15.10.2007 read with Notification No. 93 (RE-2007)/2004-2009 dated 1.4.2008, as amended from time to time.
2. Through Notification No. 21 (RE-2010)/2004-2009 dated 10.2.2011 sub para 2.1.14 was added in Notification No. 93 (RE-2007)/2004-2009 dated 1.4.2008. Now another sub-para 2.1.15 is added as under:
“2.1.15 Ten lakh MT of non-Basmati rice is allowed for export subject to the following conditions;
i) Prior Registration of contracts with DGFT on a first-come-first-served basis subject to:
(a) Export shall be made from privately held stocks.
(b) Applications for allotment must be accompanied with irrevocable and confirmed letter of credit,
(c) An applicant must submit a performance bank guarantee, along with the application for a value equivalent to a value of 10% of applied quantity. In case of non-completion of exports, within the stipulated time frame, this bank guarantee is liable to be confiscated. A flexibility of + or – 5% in performance is allowed.
(d) An application can be for a maximum of 12,500 MT.
(e) This export will be subject to an MEP of US$400 per MT.
ii) Applications for intent to export will be sent to riceexport-dgft@nic.in . The modalities for allocation and the format in which e mails are to be sent is attached as Annexure I and Annexure II respectively, to this Notification.
3. All other provisions of the Notification No.93 (RE-2007)/2004-09 dated 1st April, 2008, as amended from time to time, shall remain unchanged.
4. Effect of this notification:
Export of 10 lakh MT of Non Basmati rice has been permitted on private account subject to conditions under para 2.1.15 and modalities for registration of contracts as per Annexure 1 to this notification .
(Anup K. Pujari)
Director General of Foreign Trade
e-mail: dgft@nic.in
