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CONTENTS
Introduction Why do we need export-import Brief history Exim policy Objectives Aim Export promotion schemes & incentives Indias foreign trade policy 2009-14(Different sectors) Import Facilitation for Export Production
Export means trade across the political boundaries of different nation. No Nation is self sufficient and had all the goods that it needs. This happens because of climatic variation & unequal distribution of natural resources. In India, Govt. has come out from time to time with various policies on foreign trade to promote export thereby increasing the Foreign Exchange Reserve. These policies are termed as Exim Policy
History
Import export act was introduced by government during second world war and it lasted for around 45 yrs and in June 1992 this act was superseded by the Foreign Trade (Development & Regulation Act), 1992. . The basic objective of this new act was to give effect to the new liberalized export and import policy of the Govt. till 1985 annual policies were made but from 1985-92, three yr policy was made and then 5 yr policy was made coinciding with 5 yr plans 1992-97, 1997-02, 2002-07.
It contains policies in the sphere of Foreign trade i.e. with respect to import & export from the country. Set of guidance and instruction established by the DGFT in matters related to the import and export of goods in India.
Now its known as Foreign Trade(Development & Regulation) Act, 1992. Headed by Director General of Foreign Trade.
AIM
The policy aims at developing export potential, improving export performance, boosting foreign trade and earning valuable foreign exchange.
Introduced in 1990 Enable the import of capital goods at concessional rate of duty subject to an appropriate export obligation accepted by the exporter.
EXPORT
Towns of Export Excellence (TEE) The following cities have been recognized as towns of export excellence (TEE) Handicrafts : Jaipur, Srinagar and Anantnag Leather Products : Kanpur,Dewas and Ambur Horticultural Products: Malihabad
On the payment of 50 % applicable export duty, Leather sector shall be allowed reexport of unsold imported raw hides and skins and semi finished leather from public bonded ware houses.
The existing Minimum value addition under advance authorization scheme for export of tea is 100 %. It has been reduced from the existing 100% to 50%. DTA (Domestic Tariff Area) sale limit of instant tea by EOU(Export oriented units) increased from 30% to 50%. Export of tea has been included under VKGUY(Vishesh Krishi & Gram Udyog Yojana)) Scheme benefits.
Export Obligation Period for advance authorizations increased from existing 6 months to 36 months. Pharma sector included under MLFPS for countries in Africa and Latin America & some countries in Oceania and Far East.
Aim in general:
Aims at developing export potential, improving export performance, boosting foreign trade and earning valuable foreign exchange(as India's exports have been battered by the global recession). Simplification of the application procedure for availing various benefits. To set in motion the strategies and policy measures which catalyze the growth of exports. To encourage exports through a "mix of measures including fiscal incentives, institutional changes, procedural rationalization and efforts for enhance market access across the world and diversification of export markets.
Scheme
Duty free licences are issued as : (1) Advance licence (2) Advance Intermediate licence. (3) Special Imprest licence. (4) Licence for jobbing, repairing etc. for reexport. (5) Licence under export production programme. (6) Advance Release Order.
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