What is Minimum Import Price:-
Minimum Import Price (MIP) is fixed by Ministry of Commerce Government of India. A notification to fix the price, below which import of the declared goods are prohibited, is issued by the Director General Foreign Trade.
PERIOD:-
To give relief to domestic industry to put check on export a notification issued to fix MIP is for a fixed period to say for six months generally.
CONSEQUENCES:-
If the goods are imported less than the MIP , the goods are liable to be seized and confiscated.
Court Decisions:-
In the case of HRB Boarding & Lodging Pvt Ltd Vs Union of India reported as
Minimum Import Price (MIP) is fixed by Ministry of Commerce Government of India. A notification to fix the price, below which import of the declared goods are prohibited, is issued by the Director General Foreign Trade.
PERIOD:-
To give relief to domestic industry to put check on export a notification issued to fix MIP is for a fixed period to say for six months generally.
CONSEQUENCES:-
If the goods are imported less than the MIP , the goods are liable to be seized and confiscated.
Court Decisions:-
In the case of HRB Boarding & Lodging Pvt Ltd Vs Union of India reported as
2015 (322) E.L.T. 452 (Mad.)
Hon'able Madras High Court has dismissed the petition challenging the legality of Notification issued by DGFT . Hon'able High Court in this order has held
"when the DGFT Notification dated 4-8-2011 allowed free import of marble
blocks/tiles provided the CIF value is US $ 60 and above per sq. mt., the
petitioners were expected to declare the same, however, contrary to the same,
they have declared below the US $ 60 and thereby, the authority has rightly
confiscated the same and therefore, confiscation of the goods is justified"
