India Adds Safety Features to Scrip Transfer Recording Module
India's Directorate General of Foreign Trade added new features to its Scrip Transfer Recording Module following notices that certain fraudulent scrip transfers occurred on the platform. The changes include a time-lag for the transfer of scrip from the original owner…
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to the transferee, a time-lag for scrip transfer from one entity to another, a limit on the number of scrip transfers that can be started for transfer or accepted by each Import Export Code holder per day, and email and text notifications to IEC holders at certain points. Further, the original duty scrip holder is now required to register the duty credit scrip at the Port of Registration with Customs, the DGFT said.