DGFT extends time period for revalidation of duty free import scheme

Exporters who could not avail of benefits of a duty free import scheme between June 2006 and March 2007 will get another opportunity for the same till September 30.     

The Directorate General of Foreign Trade (DGFT) has said that the time period for seeking revalidation of Duty Free Import Authorisation Scheme (DFIAS) has been extended without any fee on the beneficiaries.     

DFIAS is a kind of licence which allows duty free imports for export production.    

Imports made under this authorisation scheme are exempted from basic customs duty, additional customs duty, anti-dumping duty and safeguard duty as long as certain conditions are met.     

DFIAS enables exporters to import the required inputs before exports and also allow them to transfer the scrip once the export obligation is completed.     

"Initially DGFT allowed 30 days time to apply for revalidation, but upcountry exports particularly the small and medium ones were unaware of this provision and therefore, could not avail this facility of revalidation," Federation of Indian Export Organisation Director General Ajay Sahai said.