Foreign Trade Policy
U N D E R S T A N D I N G
P O L I C Y
Understanding Policy q Foreign Trade Policy :
§ Drafted by Director General of Foreign Trade under the Ministry of Commerce. The governing Act is Foreign Trade Development Regulation Act, 1992 and Rules framed there under. § Implemented with the help of various other Departments mainly Customs, Excise and RBI. § In order to understand the co-relation, one must get familiar with the various laws and functions of various departments. § As far as implementation is concerned, the co-relation of Foreign Trade Policy with the following Acts, Laws and Regulations must be taken into account :
Understanding Policy
§ § § § § § § § Customs Act, 1962 Customs Tariff Act, 1975 Foreign Exchange Management Act, 1999 Central Excise Act, 1944 Central Excise Tariff Act, 1985 Industrial Policy Resolution, 1956. Industries Development and Regulation Act, 1951 Laws of Weights and Measures
All the above Laws are primarily taken into account at the time of actual implementation of export/import activities. Physical movement of goods inward and outward is monitored mainly by Customs and Excise Field Formations which work under Department of Revenue [DoR], Ministry of Finance [MoF].
Ministry of Finance Dept. of Revenue
Customs Coverage Validity of imports and exports Assessment and valuation 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 Import Monitoring CENVAT Excise Coverage
Determination of import / export duty applicable Collection of duty Inspection and supervision of cargo Examining co-relation and compliance with other laws
C o n t d…
Continued from the previous slide
Governing Acts/Laws/Manual 1. Customs Act, 1962 2. Customs Tariff Act, 1975 3. Customs Law Manual Tools : i) Notifications ii) Public Notices iii) Customs Circular iv)
P O L I C Y
Understanding Policy q Foreign Trade Policy :
§ Drafted by Director General of Foreign Trade under the Ministry of Commerce. The governing Act is Foreign Trade Development Regulation Act, 1992 and Rules framed there under. § Implemented with the help of various other Departments mainly Customs, Excise and RBI. § In order to understand the co-relation, one must get familiar with the various laws and functions of various departments. § As far as implementation is concerned, the co-relation of Foreign Trade Policy with the following Acts, Laws and Regulations must be taken into account :
Understanding Policy
§ § § § § § § § Customs Act, 1962 Customs Tariff Act, 1975 Foreign Exchange Management Act, 1999 Central Excise Act, 1944 Central Excise Tariff Act, 1985 Industrial Policy Resolution, 1956. Industries Development and Regulation Act, 1951 Laws of Weights and Measures
All the above Laws are primarily taken into account at the time of actual implementation of export/import activities. Physical movement of goods inward and outward is monitored mainly by Customs and Excise Field Formations which work under Department of Revenue [DoR], Ministry of Finance [MoF].
Ministry of Finance Dept. of Revenue
Customs Coverage Validity of imports and exports Assessment and valuation 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 Import Monitoring CENVAT Excise Coverage
Determination of import / export duty applicable Collection of duty Inspection and supervision of cargo Examining co-relation and compliance with other laws
C o n t d…
Continued from the previous slide
Governing Acts/Laws/Manual 1. Customs Act, 1962 2. Customs Tariff Act, 1975 3. Customs Law Manual Tools : i) Notifications ii) Public Notices iii) Customs Circular iv)