Article
OFAC - Insights into the US sanctions regime
By Arpit Mehra
In continuation of the article published last month, shedding light on the nature and extent of Western sanctions, the article in this issue of International Trade Amicus intends to discuss some of the salient aspects of the US sanctions regime as administered by the Office of Foreign Assets Control (‘OFAC’). Discussing power of OFAC, specific bar on Specially Designated Nationals, provisions relating to allowing certain transactions through licensing, and the scope of penalties, the author elaborately also analyses the challenges to Indian businesses. According to the author, it would be advantageous to check upcoming operations in sanctioned regions to identify the recipients and owners of counterparties and clients. He also states that before moving through with a transaction involving parties based in sanctioned regions, Indian businesses operating outside of India should have a compliance monitoring system to build, enforce, and regularly update a strong sanctions compliance system…
Trade News Remedy
- Corrosion-resistant steel sheet from India – Canada initiates re-investigation to update normal values and export prices
- Finished Carbon Steel Flanges from India – USA issues affirmative findings in 5-year reviews for ADD and CVD
- Frozen Warmwater Shrimp from India – USA issues ADD changed circumstances review - Preliminary determination that M/s. Kader Exports is successor-in-interest to Liberty Group
- Frozen Warmwater Shrimp from India – USA issues notice of scheduling of full five-year review of anti-dumping duty
- Glycine from India – USA issues ADD Administrative Review – Affirmative finding of sales below normal value during 1 June 2020 and 31 May 2021
- Grinding media from India – Canada initiates re-investigation of the normal values and export prices
- Oil country tubular goods from India – USA initiates administrative review of anti-dumping duty
- Paper File Folders from India – USA initiates CVD and Less Than Fair Value investigations
- Phthalocyanine pigments from India – China PR imposes anti-dumping duty after conclusion of preliminary investigation
- Resin Bonded Thin Wheels from China PR – Indian Central Government decides not to impose anti-dumping duty as recommended by DGTR
- Solar cells from China PR, Thailand, and Vietnam – Indian DGTR terminates anti-dumping duty investigation at the request of domestic industry
- Stainless Steel Flanges from India – USA issues affirmative finding of countervailable subsidies during 1 January 2020 and 31 December 2020 and Preliminary finding of sales below normal value between 1 October 2020 and 30 September 2021
- Styrene Butadiene Rubber from European Union, Korea RP & Thailand – Indian Central Government decides not to impose anti-dumping duty as recommended by DGTR
WTO NEWS
- Customs valuation – India justifies ‘average’ addition of cost of transportation, handling charges and insurance in certain circumstances
- India’s Quality Control Orders questioned by Canada, USA and customs territory of Taiwan, Penghu, Kinmen and Matsu
- WTO Members still falling behind on subsidy notifications
- WTO Members review safeguard actions on 19 products
- G20 trade restrictions increasing amidst economic challenges: WTO report
India Customs & Trade Policy Update
- Iron and steel – Export duty removed on specified goods
- Food products (specified) – Import only though 61 specified ports and registration of foreign food manufacturing facilities, mandatory w.e.f. 1 February 2023
- Milk, pork and fish and their products – Requirement of health certificate for imports, postponed till 1 January 2023
- Coal, specified varieties – BCD and AIDC exemption on imports withdrawn
- Coal import monitoring system – Last date for registration relaxed
- Export/import in Indian Rupees – Benefit of export promotion schemes available – FTP and HoP amended to reflect RBI Circular No. 10
- India-UAE Comprehensive Economic Partnership Agreement – Electronic Certificate of Origin is valid
Ratio decidendi
- Valuation – Value of design engineering and site run (technical documents) when not includible – CESTAT Delhi
- Handheld enterprise mobile computers, with or without SIM is classifiable as ADP machine and not as smartphone – Customs AAR
- ‘Viewsonic Creative Touch Interactive Flat Panel’ is classifiable under Tariff Item 8471 41 90 – Customs AAR
