Ib0015
|Student Name: A RAJENDER |Course: M.B.A | |
|Subject Name: FOREIGN TRADE OF INDIA |Subject Code: IB0015 |
Question 1- Discuss in brief the various laws which govern India’s export and import trade?
Answer- The following are some of the important laws governing exports from and imports into India: i) Foreign Trade Act: The main objective of this Act, 1992 is to provide for the development and regulations of foreign trade by facilitating imports into, and augmenting exports from India. This Act has replaced the earlier law namely, the Imports and Exports (Control) Act 1947. Ministry of Commerce, Government of India issues foreign trade policy under the provisions of the Foreign Trade Act, 1992. The application of the provisions of the Foreign Trade (Development & Regulation) Act, 1992 has been exempted for certain trade transactions vide Foreign Trade (Exemption from application of Rules in certain cases) Order 1993. ii) Customs Act: This is the Customs Act, 1962 parent statute which details customs and excise duties stated in the Union List and regulates the import/export clearance in India. iii) Central Excise Tariff Act: The Central Excise Tariff Act, 1944 is basically for the goods manufactured locally in India. However, for the purposes of additional customs duty which is equivalent to the central excise duty suffered on similar goods in India, this Act must be a part of the compliance programme. The Custom Tariff Act, 1975 notifies the custom duties, exemption notifications, anti-dumping duties, safeguard and countervailing duties. iv) Foreign Exchange Management Act: The Foreign Exchange Management Act, 1999 is the Exchange
|Subject Name: FOREIGN TRADE OF INDIA |Subject Code: IB0015 |
Question 1- Discuss in brief the various laws which govern India’s export and import trade?
Answer- The following are some of the important laws governing exports from and imports into India: i) Foreign Trade Act: The main objective of this Act, 1992 is to provide for the development and regulations of foreign trade by facilitating imports into, and augmenting exports from India. This Act has replaced the earlier law namely, the Imports and Exports (Control) Act 1947. Ministry of Commerce, Government of India issues foreign trade policy under the provisions of the Foreign Trade Act, 1992. The application of the provisions of the Foreign Trade (Development & Regulation) Act, 1992 has been exempted for certain trade transactions vide Foreign Trade (Exemption from application of Rules in certain cases) Order 1993. ii) Customs Act: This is the Customs Act, 1962 parent statute which details customs and excise duties stated in the Union List and regulates the import/export clearance in India. iii) Central Excise Tariff Act: The Central Excise Tariff Act, 1944 is basically for the goods manufactured locally in India. However, for the purposes of additional customs duty which is equivalent to the central excise duty suffered on similar goods in India, this Act must be a part of the compliance programme. The Custom Tariff Act, 1975 notifies the custom duties, exemption notifications, anti-dumping duties, safeguard and countervailing duties. iv) Foreign Exchange Management Act: The Foreign Exchange Management Act, 1999 is the Exchange