A recent DGFT notification has caused unexpected delays in chemical import payments, highlighting potential issues with regulatory alignment. According to reports from Business Standard, a company importing chemicals under ITC(HS) Code 29159099 has encountered payment difficulties after customs assessment and clearance. The bank has declined to remit payment following DGFT Notification No. 24/2026-27 dated July 22, which incorrectly shows the code as deleted. This notification was issued to align ITC(HS) codes with the Finance Act 2026, but the deletion appears to be inadvertent.
The Finance Act 2026 made specific changes to tariff items under heading 2915, as reported by Business Standard. Section 136(c)(i) of the Finance Act replaced tariff item 29159010 with tariff items 29159011 and 29159012 for acetyl chloride and propionyl chloride respectively, and inserted tariff item 29159096 for triethyl orthoformate. However, the notification incorrectly shows tariff item 29159099 as deleted, which covers 'other' products under the relevant subheading. This 29159099 continues in the first schedule to the Customs Tariff Act, 1975, making the notification deletion inaccurate.
According to the Business Standard report, companies facing similar situations should take specific action to resolve payment delays. The recommended approach includes asking banks to process remittances based on the assessed Bill of Entry, supplier's invoice, product literature, and relevant Finance Act extracts. Companies should emphasize that the Bill of Entry remains valid and need not be amended. Simultaneously, they should represent to DGFT for a corrigendum restoring 29159099 with 'free' import policy retrospectively from July 22, 2026, and seek interim clarification for submission to banks.
The DGFT has addressed other regulatory matters as reported by Business Standard. For expired restricted item licenses, no surrender requirement exists unless the license specifically stipulates such conditions. The government has also launched the TRACE scheme for reimbursement of testing, inspection, and certification expenses incurred by eligible MSME exporters, following information sought from exporters regarding non-tariff measures through Trade Notice No. 18/2025-26 dated November 22, 2025. Additionally, the Remission of Duties and Taxes on Exported Products (RODTEP) scheme has been continued beyond March 31, 2026, with rates restored in March 2026 after a period of disruption. The Foreign Trade Policy continues to be amended regularly, with recent changes including the operationalization of inventory-based e-commerce exports through Notification No. 27/2026-27 and Public Notice No. 25/2026-27 dated August 5, 2026.
