TWO FIRMS DISALLOWED FROM EXPORTS OF IRON ORE FOLLOWING SHOW CAUSE NOTICES
Date : 18 Jan 2005
Location : New Delhi
Government have disallowed two firms from exports of iron ore, pursuant to issue of show cause notices and the receipt of replies to quasi judicial proceedings against the firms are in progress and till such time final orders are passed.
On receipt of certain complaint of unauthorized export of high-grade iron ore from the country, inspections were carried out at four major ports by teams of officers of DGFT (Directorate General of Foreign Trade) and EIC (Export Inspection Council). The samples were sent for analysis. The analysis report revealed that some of the firms had exported high-grade iron ore, i.e., with Fe content + 64% without obtaining export licences from DGFT.
Under Foreign Trade Policy, high-grade iron ore can be exported under export licences only. In view of the show cause notices under the Foreign Trade (Development & Regulation) Act, 1992 issued to some of the exporting firms, two of them were earlier placed under Denied Entities List (DEL). This will deny them export-import benefits available under the Foreign Trade Policy, until further orders.