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Rule 6 – The Foreign Trade (Development and Regulation) Act,1992

The Foreign Trade (Development and Regulation)

 

6. Conditions of licence. –

 

(1) It shall be deemed to be a condition of every licence for export that –

 

(i) No person shall transfer or acquire by transfer any licence issued by the licensing issued by the licensing authority except in accordance with the provisions of the Policy;

 

(ii) The goods for the export of which the licence is granted shall be the property of the licensee at the time of the export.

 

(2) The licensing authority may issue a licence for import subject to one or more of the following conditions, namely:–

 

(a) That the goods covered by the licence shall not be disposed of except in accordance with the provisions of the Policy or in the manner specified by the licensing authority in the licence;

 

(b) That the applicant for a licence shall execute a bond for complying with the terms and conditions of the licence.

 

(3) It shall be deemed to be a condition of every licence for import that –

 

(a) No person shall transfer or acquire by transfer or acquire by transfer any licence issued by the licensing authority except in accordance with the provisions of the Polity.

 

(b) The goods for the import of which a licence is granted shall be the property of the licensee at the time of import and upto the time of clearance through Customs;

 

(c) The goods for the import of which a licence is granted shall be new goods, unless otherwise stated in the licence;

 

(d) That the goods covered by the licence for import shall not be exported without the written permission of the Director General.

 

(4) Any person importing goods from the United States of America in accordance with the terms of the Indo – US Memorandum of Understanding on technology Transfer shall also comply with all the conditions and assurances specified in the Import Certificate issued in terms of such Memorandum, and such other assurances given by the person importing those terms of such Memorandum, and such other assurances given by the person importing those goods to the Government of the United States of America through the Government of India

 

 

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The Foreign Trade (Development and Regulation) Act,1992

 

Indian Laws – Bare Acts

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