Explain salient features of FTDR Act 1992

Explain salient features of FTDR Act 1992

Explain salient features of FTDR Act 1992 :- Foreign trade is one of the two most important components of international trade because it involves the export and import of capital, goods, and services across countries or territories. Foreign trade is critical to an economy's growth and development because it increases output, employment, and income while also bringing in foreign exchange and strengthening bilateral and multilateral economic links on a global scale.

In the some main points in Salient features of FTDR Act are :-

It has given the Central Government the authority to make provisions for the development and regulation of foreign trade by facilitating imports into and increasing exports from India, as well as for all matters connected with or incidental to that.
The basic goal of the FTDR 1992 is to provide a framework for the development and regulation of foreign trade by facilitating imports into the country and taking measures to increase exports from India, among other things.
The Act gives the Central Government the authority to make any provision necessary to achieve these goals.
In accordance with the FTDR Act of 1992, the government makes provisions to achieve the objectives through the formulation of the Export and Import Policy.
Previously known as the Export and Import Policy (Exim Policy), this policy is now known as the Foreign Trade Policy (FTP) of the country because it covers areas other than export and import in the country. In accordance with the Act, this Policy is developed by the Directorate General of Foreign Trade (DGFT), an attached office of the Ministry of Commerce and Industry, Government of India.
The Act states that no one may engage in import or export business in India unless he has been issued an Importer Exporter Code No. (IEC No.) by the DGFT's office.
The Act also allows for the issuance of a permission known as a licence or authorization for import or export wherever it is required by policy. The Act also includes provisions for suspending and cancelling import and export licences.
The Act also provides for powers such as search and seizure of premises where any violation of the Export Import Policy has occurred or is expected to occur.
 The Act also specifies the penalties that can be imposed by competent authorities in the event of a contravention or violation of the Foreign Trade Policy.
Rules are required to put any Act's provisions into action. The rules framed and issued by the government for the FTDR Act are known as the Foreign Trade (Regulation) Rules, 1993, and they lay out various operational provisions such as fee requirements for licence issuance, licence conditions, refusal, suspension, and cancellation of licences, and so on.

• Tweet
• Share
• Share
• Share