Regulations for international trade

1992  Foreign Exchange Regulations Act .Laws governing India’s Export Import trade  Foreign Trade Development & Regulation Act.1963  Customs Act  International Commercial Practices . 1973(FERA)  Pre-shipment Inspection & quality control Act.

 Whether export of the product is canalized through a Govt. the office of Director General of Foreign Trade brings out the export import policy & lays down the procedures.  Whether export of a product is banned.  Whether the export of the product is subject to quota restrictions & licensing arrangements. undertaking  Whether there is any floor price regulation regarding that product .1992 In this Act.Foreign Trade Development & Regulations Act.

Provisions of the Act • • • • • • • Development & regulations Prohibition & restriction Export Import policy Director General of Foreign Trade Importer exporter trade number Search. inspection & seizure Penalty for contravention .

1973 • Exchange control means regulating the demand for & supply of foreign exchange with the objective of making rational use of available foreign exchange for various purposes according to a scheme of priorities laid down by the policy. It imposed on payment as well as receipt.Foreign Exchange Regulation Act. .

the foreign exchange proceeds from exports must be brought back to India within 180 days.Provision of Act Application of FEMA:  Capital account transactions  Current account transactions Act provides that:  For all cash exports. .

000 per trip .  Residents going abroad for business purposes or for participating in conferences will not need RBI permission to avail foreign exchange up to US $25..Cont.

of India has introduced compulsory quality control & pre-shipment inspection for 90% of the items of export under the act.textiles. Eg:food & agriculture product. chemicals.jute.Pre-shipment inspection & Quality control In order to promote export of quality goods as per the international standards .engineering goods .the Govt.

The Act empowers the Govt. to  Notify commodities  Specify the type of quality control & inspection  Establish standards .

1962 • The customs department is vested with the task of carrying out physical as well as documentary check on all the goods crossing the Indian customs frontier. .Customs Act. All export consignments will be checked by the customs authorities at port.

 Uniform Customs & Practice for documentary Credits. which may have a bearing on export import contracts.International Commercial Practices • Import export contracts are also subject to the provision of certain international commercial practices.2000 .1993  INCOTERMS.

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