The Director General of Foreign Trade ( DGFT ) has revised the provisions relating to Tariff Rate Quota (TRQ) for import of Crude Soya bean Oil by amending Para 2.60 and 2.61 of the Handbook of Procedures.
A notification issued by the DGFT on Thursday stated that “In exercise of the powers conferred under Para 1.03 and 2.04 of the Foreign Trade Policy 2015-2020, the Director General of Foreign Trade hereby revises the provisions relating to Tariff Rate Quota (TRQ) for import of Crude Soya bean Oil by amending Para 2.60 and 2.61 of the Handbook of Procedures as notified earlier vide Public Notice 10/2015-20 dated 24.05.2022 and Public Notice 15/2015-20 dated 14.06.2022.”
Currently, Tariff Rate Quota (TRQ) Imports shall be allocated during financial years 2022-23 and 2023-24, up to quantities per year as indicated below. The duty exemption under the said TRQs may be availed as per Ministry of Finance (Department of Revenue) Notification No. 30/2022-Customs dated 24.05.2022.
As per the revised provisions, The validity of TRQs issued during FY 2022-23 for import of Crude Soya-bean oil, w/n degummed under ITC(HS) 15071000 is revised to 31.03.2023. Bill of Lading dated on or before 31.03.2023 shall be allowed for imports under Crude Soya-bean oil TRQs till 30.06.2023. TRQs issued during FY 2022-23 for import of Crude Sunflower seed Oil under ITC(HS) 15121110 shall be valid for clearance of import for a period of one year or till 30.06.2023, whichever is earlier. TRQs issued for FY 2023-24 shall be valid for clearance of imports till 31.03.2024.
Last date of Import of Crude Soya Bean Oil under TRQ has been revised to 31.03.2023. Further, no allocation of TRQs for import of Crude Soya bean Oil shall be made for the Financial Year 2023-24, the notification said.
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