Improper Documentation By Wheat Exporters For Registration Certificates: DGFT Tightens The Norms
Live LawDue to improper paperwork by wheat exporters seeking registration certificates, the Director General of Foreign Trade has issued a trade alert about the physical verification of Letters of Credit by Regional Authorities that have already been granted or are in the process of being so. The DGFT issued rules to all RAs in a circular dated May 19,2022, requiring rigorous compliance before issuing Registration Certificates to qualifying exporters. If the L/C date is on or before May 13,2022, but the swift message/message exchange date between the Indian and foreign banks is after May 13, 2022, RAs may conduct a full investigation. All RC applications found eligible for approval after physical verification of the LCs by the RAs would be sent to a 2 member committee of Addl.
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DGFT Notifies Procedure For Submission Of Requests For Seeking IMC's Approval For Export Of Wheat Flour
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