DGFT Updates Authorized Agency Name in FTP-2023: A Critical Compliance Update
Published by Aaerm Law Associates | May 27, 2025
Introduction: A Key Regulatory Update
On May 27, 2025, the Directorate General of Foreign Trade (DGFT) issued Notification No. 12/2025-26, amending Paragraph 4.41(5) of the Foreign Trade Policy (FTP) 2023. This amendment updates the name of the authorized agency listed at Serial No. (5) from “International Gemmological Institute (India) Pvt. Ltd.” to “International Gemmological Institute (India) Limited.” This change is effective immediately and reflects the agency’s updated legal status.
Understanding the Amendment
Previous Listing:
Serial No. (5) of Para 4.41(5):
- Name: International Gemmological Institute (India) Pvt. Ltd.
- Location: Bandra Kurla Complex, Mumbai
Revised Listing:
Serial No. (5) of Para 4.41(5):
- Name: International Gemmological Institute (India) Limited
- Location: Bandra Kurla Complex, Mumbai
This amendment aligns the agency’s name with its current legal structure, ensuring consistency in official records and communications.
Implications of the Name Change
1. Legal and Compliance Alignment
The change from “Pvt. Ltd.” to “Limited” signifies the agency’s transition from a private limited company to a public limited company. This adjustment is crucial for maintaining accurate legal documentation and compliance with corporate governance standards.
2. Impact on Export Documentation
Exporters and stakeholders involved in the certification process must update their records to reflect the new agency name. This includes revising export documents, certificates of origin, and other related paperwork to ensure consistency and avoid potential issues during customs clearance.
3. Enhanced Transparency and Credibility
The amendment enhances the transparency and credibility of the certification process. By aligning the agency’s name with its legal status, stakeholders can have greater confidence in the authenticity and reliability of the certifications issued.
Action Steps for Exporters and Stakeholders
To ensure compliance with the updated Foreign Trade Policy, exporters and related stakeholders should:
- Update Records: Revise all internal and external documents to reflect the new agency name.
- Notify Partners: Inform business partners, clients, and relevant authorities about the name change to maintain consistency in communications.
- Review Compliance Procedures: Assess and update compliance procedures to align with the amended policy, ensuring adherence to the latest regulations.
Conclusion
The amendment in Paragraph 4.41(5) of the FTP-2023 is a significant step towards ensuring accurate representation of authorized agencies in India’s foreign trade framework. By updating the agency’s name to “International Gemmological Institute (India) Limited,” the DGFT has reinforced the importance of legal consistency and transparency in the certification process. Exporters and stakeholders must promptly update their records and procedures to align with this change, thereby ensuring smooth and compliant operations in the global trade arena
