Exports and Imports Act

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Export and import are the key ingredients for restoring a healthy growth to the economy of a nation. To maintain a balance between the BOP and the other economic issues such as inflation, Exports and Imports Act is an indispensable part. This provides a set of legal framework in the form of acts and policies.

Indian Government has made a number of such acts and policies available for the growth of the economy. These are :

1. Imports and Exports (Control) Act, 1947 which has been taken over by the Foreign Trade (Development and Regulation) Act, 1992
2. Foreign Trade (Development and Regulation) Act, 1992
3. Import-Export (EXIM) Policy 1997-2002

1. Enactment of the provisions pertaining to regulation and the development of trades in the national and the international markets
2. Limitation and regulation of all types of exports and imports and declaration of tariff exemption by reaching to special needs.
3. Announcement of EXIM policy and the amendment of the same in intervals in notification.
4. Authorization of the concerned officials for issuing 'IEC Number to both the exporters and importers.