CHAPTER 1A
LEGAL FRAMEWORK
1.1
Foreword |
The Foreword spells out the broad framework. |
1.2
Duration |
(a) The Foreign Trade Policy (FTP) 2009-2014, incorporating provisions
relating to export and import of goods and services, shall come into force
with effect from 27th August, 2009 and shall remain in force upto 31st March,
2014 unless otherwise specified. All exports and imports upto 26th August
2009 shall be accordingly governed by the FTP 2004-2009. |
|
(b) The Foreign Trade Policy, 2009-2014, incorporating the Annual Supplement
as updated on 5th June, 2012 shall come into force with effect from 5th
June, 2012, unless otherwise specified. |
1.3
Amendment |
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
Transitional Arrangements |
Authorisation issued before commencement of FTP shall continue to be
valid for the purpose and duration for which such Authorisation was issued,
unless otherwise stipulated. |
| 1.5 |
(a) 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, established
before the date of imposition of such restriction. |
|
(b) However for operationalizing such irrevocable commercial letter
of credit, the applicant shall have to register the Letter of Credit and
contract with the concerned RA within 15 days of the issue of any such restriction
or regulation. |