Law Updates

The Central Government has introduced a partial amendment to the import policy regulating synthetic knitted fabrics under Chapter 60 of the ITC (HS), 2022. Exercising powers under Sections 3 and 5 of the Foreign Trade (Development & Regulation) Act, 1992, and in alignment with paragraphs 1.02 and 2.01 of the Foreign Trade Policy (FTP) 2023, the amendment amends Notification No. 05/2025-26 dated 23.04.2025. The import policy for ITC (HS) Code 60053600 has been revised to maintain its status as “Restricted,” subject to a Minimum Import Price (MIP) of USD 3.5 per kg, except for fabrics ranging between 28 to 48 GSM. All other HS Codes under the previous notification stay unchanged. In addition, Advance Authorisation holders, Export Oriented Units (EOUs), and SEZ units will remain exempt from the MIP condition, provided that imported inputs are not sold in the Domestic Tariff Area (DTA). This step focuses on balancing import regulation with support for domestic textile manufacturing.