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Regulatory Requirements :
Imports and Exports
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'Imports' means, bringing into India, of goods from a place outside India. In other words, it refers to the goods which are produced abroad by foreign producers and are used in the domestic economy in order to cater to the needs of the domestic consumers. India includes the territorial waters of India which extend upto 12 nautical miles into the sea to the coast of India. Similarly, 'exports' of goods means, taking goods out of India to a place outside India. It refers to the goods which are produced domestically and are used to cater to the needs of the consumers in other countries. The country which is purchasing the goods is known as the importing country and the country which is selling the goods is known as the exporting country. The traders involved in such transactions are importers and exporters respectively.

In India, exports and imports are regulated by the Foreign Trade (Development and Regulation) Act, 1992, which replaced the Imports and Exports(Control) Act,1947, and gave the Government of India enormous powers to control it. The salient features of the Act are as follows:-

  • It has empowered the Central Government to make provisions for development and regulation of foreign trade by facilitating imports into, and augmenting exports from India and for all matters connected therewith or incidental thereto.
  • The Central Government can prohibit, restrict and regulate exports and imports, in all or specified cases as well as subject them to exemptions.
  • It authorizes the Central Government to formulate and announce an Export and Import (EXIM) Policy and also amend the same from time to time, by notification in the Official Gazette.
  • It provides for the appointment of a Director General of Foreign Trade by the Central Government for the purpose of the Act. He shall advise Central Government in formulating export and import policy and implementing the policy.
  • Under the Act, every importer and exporter must obtain a 'Importer Exporter Code Number' (IEC) from Director General of Foreign Trade or from the officer so authorised.
  • The Director General or any other officer so authorised can suspend or cancel a licence issued for export or import of goods in accordance with the Act. But he does it after giving the licence holder a reasonable opportunity of being heard.

Besides the Foreign Trade (Development and Regulation) Act, there are some other laws which control the export and import of goods. These include:-

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