Importance of Foreign Trade Law in Export Business

About Foreign Trade Law

Indian foreign trade legislation is primarily controlled by Foreign Trade (Development and Regulation) Act 1992. Through this policy tool government of India strives to permit imports into Indian shores and similarly encourage exports from Indian Shores. This act empowers Indian authorities with framework for

  • Encouraging and monitoring foreign trade
  • Prohibition, imposing restrictions and monitoring exports and imports and exemptions thereof
  • Laying down EXIM policy and subsequent guidelines and updates
  • Appointment of Director General Of Foreign Trade to facilitate functioning of Act that may include
    • Outlining and defining of EXIM policy
    • Implementing EXIM Policy