[As governed by the Foreign Trade (Development & Regulation) Act, 1992] With the globalisation of Indian economy and consequent upon comfortable balance of payment position “Government of India has liberalized the Import Policy” and practically all controls on imports have been lifted. Imports may be made freely except to the extent they are regulated by the provisions of Import Policy or by any other law for the time being in force.
Principal Law:
Imports into India are governed by Foreign Trade (Development & Regulation) Act 1992. Under this Act, imports of all goods are Free except for the items regulated by the policy or any other law for the time being in force. In exercise of the powers conferred by the Foreign Trade (Development & Regulation) the Government has issued the following Rules & Order.
Foreign Trade (Regulation) Rules, 1993, provide for grant of special license,
Application for grant of license
Fee
Conditions for licenses
Refusal of license
Amendment of license
Suspension of a license
Cancellation of license
Declaration as to the value and quality of imported goods
Declaration as to the Importer- Exporter Code number
