Foreign Trade Policy
Nirmala Sitharaman, the Minister of State (Independent Charge) Commerce and Industry India have introduced the new five Year Foreign Trade Policy, 2015-2020 and 2015-2021, and soon the 2021-2026 policy which will provide a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country. The modus operandi of the Government is to support both the Manufacturing and Services Sectors with special emphasis on improving The Ease of Doing Business keeping in view the “Make in India” vision of our Prime Minister Mr. Narendra Modi.
Which Authority deals with Foreign Trade Policy in India?
Directorate General of Foreign Trade (DGFT) deals with case laws that are related to Foreign Trade Policy in India.
- Examination of a policy framework for imports into and exports out of India in terms of restrictions and conditions to be followed depending upon the nature of the product to be imported and/ or exported such as obtaining certificates from the designated authorities and intimations that are supposed to be provided, etc.
- Preparing applications for the clients and obtaining the requisite permissions and licenses as well as duty credit scrips as per the provisions of the policy
- Advice on schemes such as Advance Authorization, Export Promotion Capital Goods, Duty Drawbacks, and Deemed Export, etc.
- Advice on concessional duty rates available on import of specified goods from various countries with whom India has entered into a Free Trade Agreement (FTA) thereby leading to substantial savings
- Advice on the implications arising out of shifting entire operations to a bonded warehouse considering the overall objective of the business. Advice includes the setting up of business in Free Trade Warehousing Zones (FTWZs), Special Economic Zones (SEZs), Software Technology Parks of India (STPIs), and Export Oriented Units (EOUs).
- Analysis of comparative benefits and assistance in setting up of STP/ EOU/ SEZ units and carrying out operations in such units.
- Redemption of licenses and authorizations from Directorate General of Foreign Trade (DGFT) and releasing of bonds and bank guarantees from relevant customs authorities along with advice towards the fulfillment of Export Obligation (EO) and other procedural aspects of the policy.