Section 6(3)(b) in The Foreign Trade (Regulation) Rules, 1993
(b)the [goods or services or technology] [Substituted by Notification No. G.S.R. 300(E), dated 17.4.2015 (w.e.f. 30.12.1993).] for the import of which a [license, certificate scrip or any instrument bestowing financial or fiscal benefits] [Substituted by Notification No. G.S.R. 300(E), dated 17.4.2015 (w.e.f. 30.12.1993).] is granted shall be the property of the licensee at the time of import and upto the time of clearance through Customs;