Procedure for
Registration of Cotton Yarn Contracts with DGFT
[DGFT
Policy Circular No. 27 dated 1st April 2011]
Subject:
Conditions and modalities for registration of contracts of cotton yarn with
DGFT.
As per
Notification No. 40 (RE-2010)/2009-14 dated 31.03.2011 export of cotton yarn
has been made “Free” subject to registration of export contracts with DGFT, for
ITC(HS) Code 5205, 5206 & 5207. Procedure for
registration of contracts is described below.
2. All applications for grant of
registration certificate shall be submitted to the concerned RAs alongwith the following documents:
(i) Copy of
Export Contract alongwith,
(a) A copy of
irrevocable Letter of Credit(LC) duly authenticated by
an Indian Bank, or
(b) FIRC from
Bank showing receipt of remittance from the concerned foreign buyer as proof of
having received 100% Advance Payment or a minimum of 25% Advance Payment
and balance Cash Against Delivery(CAD),
(ii) Declaration/Undertaking as given
in Annexure-I of this Policy Circular, on the letter head of the firm.
(iii) Copy of IEC
3. If the documents received are
found in order, the applicant shall be issued a Registration Certificate.
Export against this registration certificate shall be completed within a period
of 30 days from the date of issuance of such certificate.
4. Failure to export the allowed
quantity within the stipulated time would invite debarment from further
registration. In addition, penal action as per Section 11(2) of the Foreign Trade(D&R) Act would be initiated. For ready reference
Section 11(2) is extracted below:-
“11(2). Where any person makes or abets
or attempts to make any export or import in contravention of any provisions of
this Act or any rules or order made thereunder or the
Foreign Trade Policy, he shall be liable to a penalty of not less than ten
thousand rupees and not more than five times the value of the goods or services
or technology in respect of which any contravention is made or attempted to be
made, whichever is more.”
5. This
issues with the approval of Director General of Foreign Trade.
Annexure-1 to
Policy Circular No. 27 (RE-2010)/2009-14 dated: 01.04.20011
Declaration / Undertaking
1. I / We hereby declare that the
particulars and the statements made in this application are true and correct to
the best of my / our knowledge and belief and nothing has been concealed or
held there from.
2. I / We fully understand that
any information furnished in the application if found incorrect or false will
render me / us liable for any penal action or other consequences as may be
prescribed in law or otherwise warranted.
3. I / We undertake to abide by
the provisions of the FT (D & R) Act, 1992, as amended, the Rules and
Orders framed there under, FTP, HBP v 1 and HBP v2 and ITC (HS). I also
undertake that in the event of non-performance after grant of Registration
Certificate for export of cotton yarn by the Directorate General of Foreign
Trade, I shall be liable to Penal Action under Section 11(2) of Foreign Trade(Development
& Regulation) Act, 1992, (as amended), including debarment from future
allocations.
4. I hereby certify that I am authorised to verify and sign this declaration.
Signature
of the Applicant Place
Name Date
Designation
Official Address(if different than given in the letter head):
Line 1:
Number of the office premises.
Line 2:
Street name.
Line 3:
City name.
Line 4:
Pin code.
Telephone
No.(with STD code):
Cell
Phone No.:
Fax No.:
E-mail of
the firm/company: E-mail
of the signatory:
Residential
Address of the signatory:
Line 1:
House Number.
Line 2:
Street name.
Line 3:
City name.
Line 4:
Pin code.