DGFT extends MIP on Synthetic Knitted Fabrics to December 31, 2024, with New MIP of $3.50 per Kg on CIF Value for 8 ITC(HS) Codes [Read Notification]

The Directorate General of Foreign Trade ( DGFT ), vide notification no. 33/2024-25 dated 1st October 2024 has announced an extension of the Minimum Import Price ( MIP ) for synthetic knitted fabrics, now valid until December 31, 2024. This extension follows the previous MIP deadline of September 15, 2024.

In a notification issued under the powers conferred by Section 3 and Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, and in accordance with the Foreign Trade Policy 2023, the Central Government has partially modified Notification No. 77/2023 dated March 16, 2024.

The new directive stipulates that the MIP will be applicable to five specific ITC (HS) Codes of synthetic knitted fabrics, establishing a MIP of $3.50 per kilogram based on the Cost, Insurance, and Freight (CIF) value.

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All other terms and conditions in the Notification No. 77/2023 dated 16.03.2024 shall remain unchanged.

ITC(HS) Code	Item Description	Existing import policy	Revised import policy	Existing Policy Condition	Revised Policy Condition
60063100	Of synthetic fibres: Unbleached or bleached	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60063200	Of synthetic fibres: Dyed	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60063300	Of synthetic fibres: Of yarns of different colours	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60063400	Of synthetic fibres:Printed	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60069000	-Other	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg

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In addition to the above, the DGFT has revised the Import Policy Condition of the following ITC (HS) Codes under Chapter 60 of ITC(HS) 2022, Schedule-I (Import Policy), for the period up to 31st December, 2024, with immediate effect:

ITC(HS) Code	Item Description	Existing import policy	Revised import policy	Existing Policy Condition	Revised Policy Condition
60019200	- Other : -- Of man-made fibres	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60041000	Knitted or crocheted fabrics of a width exceeding 30 cm, containing by weight 5 percent or more of elastomeric yarn or rubber thread, other than those of heading 60.01.	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60049000	- Other	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60053600	- Of synthetic fibres : -- Other, unbleached or bleached	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60053790	- Other	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60053900	Of synthetic fibres : Other, printed	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60062200	Of cotton: - Dyed	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg
60064200	Of cotton: Printed	Free	Prohibited		However, import is ‘Free' if CIF value is 3.5 US Dollar and above per kg

To Read the full text of the Notification CLICK HERE

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