Welcome to Scribd. Sign in or start your free trial to enjoy unlimited e-books, audiobooks & documents.Find out more
Standard view
Full view
of .
Look up keyword
Like this
0 of .
Results for:
No results containing your search query
P. 1
Export Import Policy

Export Import Policy



|Views: 20,826|Likes:
Published by anon-560749

More info:

Published by: anon-560749 on Dec 11, 2008
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as DOC, PDF, TXT or read online from Scribd
See more
See less





Lesson-12Export- Import Policy of India
Export-Import policy of India0- Introduction1- Meaning2- General Objectives.3- Objective.4- Highlights.5- Implications.6- Objective.7- Highlights.8- Implications.
Export-Import Policy 1997-2000
Export-Import Policy 2002-2007INTRODUCTION: - Trade policy governs exports from and imports into a country. It isone of the various policy instruments used by a country to attain hergoals of economic develop-ment. This policy is thus, formulatedkeeping in view, the national priorities for economic development andthe international commitments made by the country. It is essentialthat the entrepreneurs and the export managers understand the tradepolicy as it provides the vital inputs for the formulation of theirbusiness growth strategies. In India, the trade policy Le., export-importpolicy is formulated by the Ministry of Commerce, Government of Indiain terms of section 5 of the Foreign Trade (Development andRegulation) Act,1992Besides, the Government of India also announcedon January 30,2002 a Medium Term Export strategy, to guide theformulation the Export-Import Policy: 2002 - 07 with the, objective of achieving a share of 1 % in world trade by the end of 2006 - 07 fromthe present I share of 0.6% (2000 - 01). The text of this strategy isgiven as Appendix VII at the end of the book. The present Export -Import Policy was announced on 31.3.2002 for a period of 5 years witheffect from 1.4.2002 to 31.3.2007 co-terminus with Tenth Five YearPlan. It covers both the trade in merchandise and services. Thepresent chapter explains legal framework affecting foreign trade of India particularly with reference to Export-Import Policy; 2002 - 2007.It also discusses the preferential trading arrangements affectingexports and imports of India.MEANING:- The foreign trade of India is guided by the Export-Import (EXIM) Policyof the government of India arid is regulated by the Foreign Trade(Development and Regulation) Act, 1992.EXIM Policy contains various policy decisions taken by the governmentin the sphere of foreign trade, i.e., with respect to imports and exports
from the country and more especially export promotion measures,policies and procedures related thereto. It is prepared and announcedby the Central Government (Ministry of Commerce). India's EXIMpolicy, in general, aims at developing export potential, improvingexport performance, encouraging foreign trade and creating favourablebalance of payments position.
In India, the legal framework for the regulation of foreign trade ismainly provided by the Foreign Trade (Development and Regulation)Act, 1992, Garments Export Entitlement Policy: 2000-2004, Export(Quality Control and Inspection) Act, 1963, Customs and CentralExcise Duties Drawback Rules, 1995, Foreign Exchange ManagementAct, 1999 -and the Customs and Central Excise Regulations. The main objective of the Foreign Trade (Development and Regulation)Act is to provide for the development and regulation of foreign trade byfacilitating imports into, and augmenting exports from India. This Acthas replaced the earlier law namely, the imports and Exports (Control)Act1947. A comparison of the nomenclature of the two Acts makes itvery dear that there is a shift in the focus of the law from control todevelopment of foreign trade. This shift in the focus is the outcome of the emphasis on liberalisation and globalisation as a part of theprocess of economic reforms initiated in India since June 1991. The application of the provisions of the Foreign Trade (Development &Regulation) Act 1992 has been exempted for certain trade transactionsvide Foreign Trade (Exemption from application of Rules in certaincases) Order 1993
Government control import of non-essential items through an importpolicy. At the same time, all-out efforts are made to promote exports. Thus, there are two aspects of trade policy; the import policy which isconcerned with regulation and management of imports and the exportpolicy which is concerned with exports not only promotion but alsoregulation. The main objective of the Government policy is to promoteexports to the maximum extent. Exports should be promoted in such amanner that the economy of the country is not affected by unregulatedexports of items specially needed within thecountry. Export control is, therefore, exercised in respect of a limitednumber of items whose supply position demands that their exportsshould be regulated in the larger interests of the country. In otherwords, the policy Aims at1(i) Promoting exports and augmenting foreign exchange earnings;and2(ii) Regulating exports wherever it is necessary for the purposes of either avoiding competition among the Indian exporters or ensuring
domestic availability of essential items of mass consumption atreasonable prices. The government of India announced sweeping changes in the tradepolicy during the year 1991. As a result, the new Export-Import policycame into force from April I, 1992. This was an important step towardsthe economic reforms of India. In order to bring stability and continuity,the policy was made for the duration of 5 years. In this policy importwas liberalised and export promotion measures were strengthened. The steps were also taken to boost the domestic industrial production. The more aspects of the export-import policy(1992-97) include: introduction of the duty-free Export PromotionCapital Goods (EPCG) scheme, strengthening of the Advance LicensingSystem, waiving of the condition on export proceeds realisation,rationalisation of schemes related to Export Oriented Units and units inthe Export Processing Zones. The thrust area of this policy was toliberalise imports and boost exports. The need for further liberalisation of imports and promotion of exportswas felt and the Government of India announced the new Export-Import Policy (1997, 2002). This policy has further simplified theprocedures and reduced the interface between exporters and theDirector General of foreign Trade (DGFT) by reducing the number of documents required for export by half. Import has been furtherliberalised and efforts have been made to promote exports. The new EXIM Policy 1997-2002 aims at consolidating the gains madeso far, restructuring the schemes to achieve further liberalisation andincreased transparency in the changed trading environment. Itfocusses on the strengthening the domestic industrial growth andexports and enabling higher level of employment with due recognitionof the key role played by the SSI sector. It recognises the fact thatthere is no substitute for growth, which creates jobs and generatesincome. Such trade activities also help in stimulating expansion anddiversification of production in the country. The policy has focussed onthe need to let exporters concentrate on the manufacturing andmarketing of their products globally and operate in a hassle freeenvironment. The effort has been made to simplify and streamline theprocedure. The objectives will be achieved through the coordinated efforts of allthe departments of the government in general and the ty1inistry of Commerce and the Directorate General of Foreign Trade and itsnetwork of Regional Offices in particular. Further it will be achievedwith a shared vision and commitment and in the, best spirit of facilitation in the terest of export.in"
 The principal objectives of the EXIM Policy 1997 -2002 are as under:

Activity (133)

You've already reviewed this. Edit your review.
kavyanjalik added this note
thanks for the nice efforts
Shristi Verma added this note
very nice.............
1 thousand reads
1 hundred reads
kavyanjalik liked this
Priya Singla added this note
sureshsusi liked this
Nik's Chaludiya liked this
Joseph Arulraj liked this
bharaniapn liked this

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->