Which transitional arrangements are available for an exporter in the Foreign Trade Policy 2015-20?

The Foreign Trade Policy (FTP) 2015-20 provides certain transitional arrangements for exporters to ensure a smooth transition and continuity of benefits or permissions. Key transitional arrangements include: Validity of Licenses/Authorisations/Certificates/Scrips: Any License, Authorisation, Certificate, Scrip, or any instrument bestowing financial or fiscal benefit issued under the FTP 2015-20 will continue to be valid for the purpose and duration for which it was originally stipulated, unless otherwise specified. This ensures that benefits granted under the policy remain effective for their intended period. Continuity of Permitted Exports/Imports under Irrevocable L/C: If an export or import operation was freely permitted under the FTP but is subsequently subjected to any restriction or regulation, it will ordinarily still be permitted. This is subject to the following conditions: The shipment of export or import must be made within the final validity period of an irrevocable commercial Letter of Credit (L/C) that was established before the date of imposition of the restriction. The permission will be restricted to the balance value and quantity available under that L/C and within its original time period. To operationalize such an irrevocable L/C, the applicant must submit the Letter of Credit with the jurisdictional Regional Authority (RA) against a computerized receipt within 15 days of the imposition of any such restriction or regulation. Grandfathering of Existing Rights: The policy generally aims to 'grandfather' existing rights and obligations, meaning that actions taken or benefits accrued under previous policies are usually protected, unless explicitly superseded or withdrawn. Policy Amendments and Clarifications: The DGFT often issues Public Notices, Circulars, and Trade Notices to clarify policy provisions, introduce amendments, or provide specific transitional relief for certain situations or sectors. These are crucial for exporters to stay updated. These transitional arrangements are designed to provide certainty and stability to exporters, allowing them to complete ongoing transactions and utilize existing benefits without abrupt disruptions due to policy changes.