Government is sincerely committed to fostering a gradual development of free market economy in the light of GATT agreement. In the interest of export promotion & investment in the country it is necessary to have a long term, stable, facultative & liberal Import Policy. With this and in view the present democratic government has taken steps to extend the duration of the Import Policy from two years to five years. Efforts have been made to make the Import Policy easier and more liberal by relaxing or rescinding the regulatory provisions of the previous Import Policy. Provisions have already been made to allow import of capital machinery and industrial raw materials on consignment basis without the cover of the Letter of Credit. Government has taken steps for quality control in the import of cement, fertilizer etc. In order to protect the interest of the consumers. Steps are afoot to ensure that in future all imported consumer items conform to a specified standard of quality. In the present Import Policy Order second hand/reconditioned machinery are importable subject to fulfillment of certain conditions. Gradually efforts will be made to classify those machinery under H.S. Code.
2. The main objectives of the Import Policy are :-
(a) to make the Import Policy Compatible with the changes in the world market that have occurred as a result of the introduction of market economy and signing of the GATT Agreement;
(b) to simplify the procedures for import of capital machinery and industrial raw materials with a view to promoting export, and
(c) to ensure growth of the indigenous industry and availability of high quality goods to the consumers at a reasonable price.
3. Achievement of the aforesaid objectives will depend on the help and cooperation of other relevant Ministries, Divisions of the Government and the Trade Organizations in the private Sector.
Dated the 10 th June, 1998
No. S.R.0.103/LAW/98 - In exercise of the powers... [continues]
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