Permission for import of moong with advance contract with certain conditions
01 March 2022, New Delhi: The Directorate General of Foreign Trade (DGFT), a subordinate body of the Union Ministry of Commerce, has allowed conditional import of moong to Indian importers through a Trade Notice No. 37/2021-22 issued on June 28. It is known that earlier the import of moong was allowed till the end of June with a bill of lading till March 31, 2022, but by issuing a sudden notification on February 11, 2022, the government banned its import with immediate effect.
This created the apprehension of huge financial loss to the importers who had paid in advance the whole or part of the price of moong under the import contracts. Disturbed by this sudden decision of the government, the organizations of the pulses industry and trade sector asked the government to reconsider decision. Based on this, the Directorate General has made some amendments in the provisions of the notification issued on February 11, which is expected to provide relief to the importers.
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As per the new revised rule by Directorate General of DGFT, importers who have paid the entire purchase quantity of moong in full will be allowed to import the total contracted quantity. Similarly, importers who have made partial advance payment will be allowed to order moong in the same proportion. It should be understood in this way that if an importer has contracted a total of 500 tonnes but made an advance payment of only 100 tonnes, he can order only 100 tonnes. But if he has paid the price of 500 tonnes of moong to the exporters, he will be entitled to import the entire quantity.
Importers will have to produce documentary proof of advance payment, quantity contracted and sale agreement etc. and also show acknowledgment receipt from the bank in which the payment is made. The import contract of moong should be before 11 February 2022 and payment should also be done before these timelines. This import will be valid only for the current financial year which means that the Bill of Lading should be issued on or before 31 March 2022.