Alerts & Updates 20th Jan 2025
On January 15, 2024, the Indian Directorate General of Foreign Trade (“DGFT”) has issued the Standard Operating Procedure / Guidelines for Voluntary Self-Disclosure concerning non-compliance / violations relating to the SCOMET List and SCOMET regulations. The SOP aims to enhance compliance by allowing exporters to disclose violations voluntarily and proactively. Through the VSD framework, the DGFT aims to build greater accountability and compliance within the export community. The VSD scheme is a significant step forward enabling exporters to rectify past non-compliance and to mitigate stricter penalties for lapses in adhering to export control laws.
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