16-11-2012, 05:47 PM
Overview of Foreign Trade Policy
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Understanding Foreign Trade Policy
Drafted by the DGFT under the Foreign Trade Development & Regulation Act 1992 and rules framed thereunder
Implemented with the help of various other Depts mainly Customs, Excise and RBI
In order to understand the co-relation, one must get familiar with the various laws and functions of various depts
Ministry of FinanceDept of Revenue
Customs-Coverage
Validity of imports and exports
Assessment and valuation
Determination of import/export duty applicable
Collection of duty
Inspection and supervision of cargo
Examining co-relation and compliance with other laws
Excise-Coverage Export
Under bond – clearance of excisable goods for export under bond
Rebate of excise duty post exports where exports have been effected after payment of excise duty
Monitoring factory stuffed containers in certain cases
Understanding Foreign Trade Policy
Export or import involves movement of goods as well as receipt/remittance of foreign exchange
Though foreign exchange regulations are relaxed, monitoring of forex operations is still being carried out by RBI