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New Foreign Trade Policy / Export Policy 2007-2008 - Chapter 1A, Legal Framwork


CHAPTER 1A

LEGAL FRAMEWORK


Preamble 1.1 The Preamble spells out the broad framework.
Duration 1.2 This Foreign Trade Policy 2004-2009 (FTP), incorporating provisions relating to export and import of goods and services, shall come into force with effect from 1st April, 2007 and shall remain in force upto 31st March, 2009 unless otherwise specified.
Amendments 1.3 Central Government reserves right in public interest to make any amendments by notification to this Policy in exercise of powers conferred by Section 5 of FT(D&R) Act.
1.4 Authorisations issued before commencement of FTP shall continue to be valid for the purpose and duration for which such Authorisation was issued, unless otherwise stipulated.
Transitional
Arrangements
1.5 In case an export or import that is permitted freely under FTP is subsequently subjected to any restriction or regulation, such export or import will ordinarily be permitted notwithstanding such restriction or regulation, unless otherwise stipulated, provided that shipment of export or import is made within original validity with respect to available balance and time period of an irrevocable commercial letter of credit.  [OLD- irrevocable letter of credit] established before date of imposition of such restriction. However, a time limit for operationalising such LCs may be prescribed]. (In this Para the words "irrevocable commercial letter of credit" has been substituted vide DGFT NOTIFICATION NO. 20/2007, DT. 13/08/2007).

(Please Review DGFT  Policy. Circular No. 04/2007, DT. 16/08/2007 - Transitional Arrangements under Para 1.5 of Foreign Trade Policy, 2004-2009.).

The Central Government prohibits with immediate effect any export of non-basmati rice, under the Transitional arrangements under Para 1.5 of Foreign Trade Policy, 2004-2009 (as amended from time to time), with reference to the restrictions imposed vide Notification No. 38(RE-2007)/2004-2009, dated 15.10.2007, and Notification No. 45(RE-2007)/2004-2009, dated 31.10.2007, and Notification No. 68(RE-2007)/2004-2009, dated 27.12.2007    (Ref. DGFT NOTIFICATION No. : 77/2007, Dated 07-02-2008).


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