The government on Thursday said the export obligation period against the import of products that are subjected to mandatory quality norms by the chemicals ministry, under advance authorisation scheme, has been extended from existing six to 18 months.
The move assumes significance as the US has imposed a steep 50% tariffs on Indian goods entering the US market. According to exporters, the chemicals sector is also expected to get impacted from these high duties.
"The Export Obligation Period against the import of the products that are subjected to mandatory QCOs (quality control orders) by the Department of Chemicals and Petrochemicals, under Advance Authorisation has been extended from existing 06 months to 18 months," the directorate general of foreign trade (DGFT) said.
Henceforth, it said the export obligation period for all advance authorisation holders shall be as per norms under the Handbook of Procedures.
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