Indian Foreign Trade

Law library

Introduction : Imports and exports are the two important components of a foreign trade. Foreign trade is the exchange of goods and services between the two countries, across their international borders.In India, exports and imports are regulated by the Foreign Trade (Development and Regulation) Act, 1992, which replaced the Imports and Exports (Control) Act, 1947, and gave the Government of India enormous powers to control it.

Ministry of Commerce and Industry is the most important organ concerned with the promotion and regulation of the foreign trade in India.

The Legislation

Foreign Trade Development & Regulation Act, 1992

  • Foreign Trade Development and Regulation Act, 1992 – Rules

The Customs Act, 1962.

The Conservation of Foreign Exchange & Prevention of Smuggling Activities Act, 1974

Government of India EXIM POLICY

As per the provisions of the Act 1992 , the Government of India formulates and announces an Export and Import policy (EXIM policy) and amends it from time to time. EXIM policy refers to the policy measures adopted by a country with reference to its exports and imports. Such a policy become particularly important in a country like India, where the import and export of items plays a crucial role not just in balancing budgetary targets, but also in the over all economic development of the country.

The trade regulator

Directorate General of Foreign Trade (DGFT) organisation is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade. Keeping in line with liberalization and globalization and the overall objective of increasing of exports, DGFT has since been assigned the role of “facilitator”. The Director General or any other officer so authorised can suspend or cancel a licence issued for export or import of goods in accordance with the Act. But he does it after giving the licence holder a reasonable opportunity of being heard.

  • Under the Act, every importer and exporter must obtain an ‘Importer Exporter Code Number’ (IEC) from Director General of Foreign Trade or from the officer so authorised.

Besides this Act, there are some other laws which control the export and import of goods. These include:-

  • Tea Act, 1953
  • Coffee Act, 1942
  • The Rubber Act, 1947
  • The Marine Products Export Development Authority Act, 1972
  • The Enemy Property Act, 1968
  • The Export (Quality Control and Inspection) Act, 1963
  • The Tobacco Board Act, 1975

India trade statistics

Exports, Imports, Products, Tariffs, GDP and related Development Indicator by World Integrated Trade Solution

Export -Import Data Bank of India By Govt of India

The Federation of Indian Export Organisations (FIEO) represents the Indian entrepreneurs spirit of enterprise in the global market. Known popularly as “FIEO”, this apex body of Indian export promotion organizations was set up jointly by the Ministry of Commerce, Government of India and private trade and industry in the year 1965. FIEO is thus a partner of the Government of India in promoting India’s exports

 

Export Promotion Councils in India

Indian Trade Portal

Devider

Exports, Imports, Products, Tariffs, GDP and related Development Indicator

Selected International Organizations, Institutions and Regional Agreements involved in international trade and international economic law.

Devider

Some useful links pertaining to the International Lade law and Trade monitoring

Devider

© Advocatetanmoy Law Library

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