Indian Foreign Trade

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.

advtanmoy 31/05/2017 4 minutes read

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.

Customs Manual

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

Central Excise Act, 1944
Central Excise Tariff Act, 1985
Customs Act, 1962
Customs Tariff Act, 1975
Foreign Exchange Management Act, 1999
Special Economic Zones Act, 2005

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