A regional trading bloc is a group of countries within a geographical region that protect themselves from importsfrom non-members. Trading blocs are a form of economic integration, and increasingly shape the pattern of worldtrade. There are several levels of regional trade blocs. Some trade blocs liberalize more economic transactionsthan others. Five major categories of trade blocs are:
Q3. Discuss the various laws governing India’s export and import trade.
( 5 laws - 10 marks) 10 marksAnswer : L
aws governing India’s export and import trade
:1. Foreign Trade (Development and Regulation) Act, 1992:
In India, exports and imports are regulated by the Foreign Trade (Development and Regulation) Act, 1992, whichreplaced the Imports and Exports(Control) Act, 1947, and gave the Government of India enormous powers tocontrol it. It authorizes the Central Government to formulate and announce an Export and Import (EXIM) Policyand also amend the same from time to time, by notification in the Official Gazette
Q4. Trade policy governs export and import of a country. What are the objectives of Foreign Trade Policy 2009-2014? Discuss in brief the Duty Drawback scheme.( objectives- 8 marks, duty drawback- 2 marks) 10 marksAnswer : Objectives of Foreign Trade Policy 2009-2014:
The policy aims at developing export potential, improving export performance, boosting foreign trade and earningvaluable foreign exchange. FTP assumes great significance this year as India's exports have been battered by theglobal recession. A fall in exports has led to the closure of several small- and medium-scale export-oriented units,resulting in large-scale unemployment.
Q5. Define the service providers under Foreign Trade Policy. Discuss the salient features of served from Indiascheme.( service providers- 5 marks, SFIS- 5 marks) 10 marksAnswer : Service providers :
Service Provider means a person providingi. Suppl
y of a ‘service’ from India to any other country; Eg: Supply of architecture service from India to France.
ii. Supply of a ‘service’ from India to service consumer of any other country in India; Eg: Providing hospitality
service to a foreigner who visits India.
iii. Supply of a ‘service’ from India through commercial or physical presence in territory of any other country; Eg:
Providing services from a Branch Office, Joint Venture etc established outside India.
Q6. Write a short note on EEFC a/c. Discuss the RBI regulations relating to advance remittance for imports intoIndia.( EEFC- 5 marks, RBI regulations- 5 marks) 10 marksAnswer : EEFC a/c :
The EEFC account is a special type of current account aimed at exporters / individual professionals who receiveeligible remittances in foreign currency as per FEMA regulations. The account is maintained in foreign currency,