Directorate General of Foreign Trade
       CHAPTER- 1 A
   
  LEGAL FRAMEWORK
   

Foreword

 

1.1  

The Foreword spells out the broad framework

 

 
         

Duration

 
1.2  

The Foreign Trade Policy 2 009-2014 (FTP), incorporating provisions relating to export and import of goods and services, shall come into force with effect from 2 7th August, 2 009 and shall remain in force upto 31 st March, 2014 unless otherwise specified. All exports and imports upto 2 6th August 2 009 shall be accordingly governed by the FTP 2004-2009.

 
         

Amendment

 
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.

 
         

Transitional Arrangements

1.4  

Authorisation issued before commencement of FTP shall Arrangements continue to be valid for the purpose and duration for which such Authorisation was issued, unless otherwise stipulated

 
         
  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, established before date of imposition of such restriction.

 
         
     

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.