Initially, India’s Director General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry had imposed MIP on five specified HS codes of synthetic knitted fabric for six months. Later, eight more HS codes of the product were covered, extending the period until December 31, 2024.
According to the latest notification issued by the DGFT on January 4, 2025, imported products under the specified HS codes will continue to attract an MIP of $3.5 per kg based on the CIF value. However, the MIP condition will not be applicable to imports by Advance Authorisation holders, export-oriented units (EOUs), and units in the Special Economic Zones (SEZ), provided that the imported inputs are not sold into the Domestic Tariff Area (DTA).
It should be noted that the Indian government had previously imposed MIP on five HSN codes under Chapter 60 of knitted fabric on March 15 of the previous year. The DGFT had set an MIP on five specific HS codes of synthetic knitted fabrics, namely 60063100, 60063200, 60063300, 60063400, and 60069000, effective until September 15, 2024.
The government had not only extended the MIP on these codes but also broadened the restrictions to include eight additional HSN codes, namely 60019200, 60041000, 60049000, 60053600, 60053790, 60053900, 60062200, and 60064200, until December 31, 2024.
ALCHEMPro News Desk (KUL)
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