Extension of Export Prohibition on De-Oiled Rice Bran until March 31, 2024

Case Name:

Notification No. 51/2023-DGFT | Dated: 8th December, 2023

Key Takeaways:

1. Extension of the export prohibition on De-Oiled Rice Bran until March 31, 2024.
2. Amendment affects Chapter 23 of Schedule -2 of ITC HS export policy, specifically modifying the policy condition for ITC HS code 2306.
3. Businesses involved in the export of commodities covered by ITC HS code 2306 need to adjust their strategies accordingly.

Synopsis:

Notification No. 51/2023-DGFT | Dated: 8th December, 2023

Subject: Amendment in Export policy of De-Oiled Rice Bran

The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce & Industry, has issued Notification No. 51/2023 on 8th December, 2023, bringing amendments to the export policy of De-Oiled Rice Bran. This notification extends the export prohibition until March 31, 2024, affecting Chapter 23 of Schedule -2 of ITC HS export policy.

Detailed Analysis

The amendment, in exercise of powers conferred by the Foreign Trade (Development & Regulation) Act, 1992, specifically modifies the policy condition for ITC HS code 2306, which encompasses “OIL-CAKE AND OTHER SOLID RESIDUES, WHETHER OR NOT GROUND OR IN THE FORM OF PELLETS, RESULTING FROM THE EXTRACTION OF VEGETABLE OR MICROBIAL FATS OR OILS, OTHER THAN THOSE OF HEADING 2304 OR 2305.” Under the amended policy, the export of De-Oiled Rice Bran under ITC HS code 2306 and any other HS code is prohibited until March 31, 2024. This amendment is a slight modification of the previous Notification No. 21/2023 dt. 28th July, 2023.

Conclusion

The extension of the export prohibition on De-Oiled Rice Bran emphasizes the government’s commitment to regulating foreign trade in line with evolving policies. Businesses involved in the export of commodities covered by ITC HS code 2306 need to take note of this amendment and adjust their strategies accordingly.

For further clarification or inquiries, the Director General of Foreign Trade, Santosh Kumar Sarangi, can be contacted via email at dgft@nic.in. This notification, issued from F.No. 01/91/191/030/AM21/EC/E-36363, marks a significant development in India’s foreign trade landscape, influencing businesses engaged in the specified category.

FAQ

Q1: What is the impact of the amendment on the export policy of De-Oiled Rice Bran?

A1: The amendment extends the export prohibition on De-Oiled Rice Bran until March 31, 2024, affecting businesses involved in the export of commodities covered by ITC HS code 2306.

Q2: How can further clarification or inquiries be made regarding this amendment?

A2: For further clarification or inquiries, the Director General of Foreign Trade, Santosh Kumar Sarangi, can be contacted via email at dgft@nic.in.