foreign trade development and regulation act 1992 pdf Monday, March 22, 2021 7:13:40 AM

Foreign Trade Development And Regulation Act 1992 Pdf

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In section 2 of the Foreign Trade Development and Regulation Act, 22 of herein after referred to as the principal Act , - a for clause e following shall be substituted, namely:, e import and export means, - I in relation to goods, bringing into, or taking out of, India any goods by land, sea or air; II in relation to services or technology, - supplying, services or technology- A from the territory of another country into the territory of India.

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In exercise of the powers conferred by clause a of sub-section 1 , sub-section 3 of Section 7 and sub-section 2 of Section 47 of the Foreign Exchange Management Act, 42 of and in supersession of its Notification No. Authority to whom declaration is to be furnished and the manner of dealing with the declaration The triplicate shall be retained by the designated official for record. On the realisation of the export proceeds, the duplicate copies of export declaration forms viz.

The Commissioner of Customs or the postal authority or the official of Department of Electronics, to whom the declaration form is submitted, may, in order to satisfy themselves of due compliance with Section 7 of the Act and these regulations, require such evidence in support of the declaration as may establish that —.

For the purpose of this regulation, 'final place of destination' means a place in a country in which the goods are ultimately imported and cleared through Customs of that country. Unless otherwise authorised by the Reserve Bank, the amount representing the full export value of the goods exported shall be paid through an authorised dealer in the manner specified in the Foreign Exchange Management Manner of Receipt and Payment Regulations, as amended from time to time.

For the purpose of this regulation, re-import into India, within the period specified for realisation of the export value, of the exported goods in respect of which a declaration was made under Regulation 3, shall be deemed to be realisation of full export value of such goods.

Provided further that the Reserve Bank, or subject to the directions issued by the Bank in this behalf, the authorised dealer may, for a sufficient and reasonable cause shown, extend the 3 said period.

Provided that no such direction shall be given unless the unit has been given a reasonable opportunity to make a representation in the matter.

The documents pertaining to export shall be submitted to the authorised dealer mentioned in the relevant export declaration form, within 21 days from the date of export, or from the date of certification of the SOFTEX form:. Provided that, subject to the directions issued by the Reserve Bank from time to time, the authorized dealer may accept the documents pertaining to export submitted after the expiry of the specified period of 21 days, for reasons beyond the control of the exporter.

Without prejudice to Regulation 3, an authorised dealer may accept, for negotiation or collection, shipping documents including invoice and bill of exchange covering exports, from his constituent not being a person who has signed the declaration in terms of Regulation 3 :.

Provided that before accepting such documents for negotiation or collection, the authorised dealer shall—. In respect of export of any goods or software for which a declaration is required to be furnished under Regulation 3, no person shall except with the permission of the Reserve Bank or, subject to the directions of the Reserve Bank, permission of an authorised dealer, do or refrain from doing anything or take or refrain from taking any action which has the effect of securing —.

Provided that no proceedings in respect of contravention of these provisions shall be instituted unless the specified period has expired and payment for the goods or software representing the full export value, or the value after deductions allowed under clause iii , has not been made in the specified manner within the specified period.

Where in relation to goods or software export of which is required to be declared on the specified form and export of services, in respect of which no declaration forms has been made applicable, the specified period has expired and the payment therefor has not been made as aforesaid, the Reserve Bank may give to any person who has sold the goods or software or who is entitled to sell the goods or software or procure the sale thereof, such directions as appear to it to be expedient, for the purpose of securing,.

Provided that omission of the Reserve Bank to give directions shall not have the effect of absolving the person committing the contravention from the consequences thereof. Provided that in the event of the exporter's inability to make the shipment, partly or fully, within one year from the date of receipt of advance payment, no remittance towards refund of unutilized portion of advance payment or towards payment of interest, shall be made after the expiry of the period of one year, without the prior approval of the Reserve Bank.

Skip to main content. Search the Website Search. Declaration of exports:- 1 In case of exports taking place through Customs manual ports, every exporter of goods or software in physical form or through any other form, either directly or indirectly, to any place outside India, other than Nepal and Bhutan, shall furnish to the specified authority, a declaration in one of the forms set out in the Schedule and supported by such evidence as may be specified, containing true and correct material particulars including the amount representing — i the full export value of the goods or software; or ii if the full export value is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market conditions expects to receive on the sale of the goods or the software in overseas market, and affirms in the said declaration that the full export value of goods whether ascertainable at the time of export or not or the software has been or will within the specified period be, paid in the specified manner.

Authority to whom declaration is to be furnished and the manner of dealing with the declaration :- A. Duplicate Declaration Forms to be retained with Authorised Dealers On the realisation of the export proceeds, the duplicate copies of export declaration forms viz.

Evidence in support of declaration:- The Commissioner of Customs or the postal authority or the official of Department of Electronics, to whom the declaration form is submitted, may, in order to satisfy themselves of due compliance with Section 7 of the Act and these regulations, require such evidence in support of the declaration as may establish that — a the exporter is a person resident in India and has a place of business in India; b the destination stated on the declaration is the final place of the destination of the goods exported; c the value stated in the declaration represents — 1 the full export value of the goods or software; or 2 where the full export value of the goods or software is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market conditions expects to receive on the sale of the goods in the overseas market.

Explanation: For the purpose of this regulation, 'final place of destination' means a place in a country in which the goods are ultimately imported and cleared through Customs of that country. Manner of payment of export value of goods:- Unless otherwise authorised by the Reserve Bank, the amount representing the full export value of the goods exported shall be paid through an authorised dealer in the manner specified in the Foreign Exchange Management Manner of Receipt and Payment Regulations, as amended from time to time.

Explanation: For the purpose of this regulation, re-import into India, within the period specified for realisation of the export value, of the exported goods in respect of which a declaration was made under Regulation 3, shall be deemed to be realisation of full export value of such goods. Submission of export documents:- The documents pertaining to export shall be submitted to the authorised dealer mentioned in the relevant export declaration form, within 21 days from the date of export, or from the date of certification of the SOFTEX form: Provided that, subject to the directions issued by the Reserve Bank from time to time, the authorized dealer may accept the documents pertaining to export submitted after the expiry of the specified period of 21 days, for reasons beyond the control of the exporter.

Delay in Receipt of Payment:- Where in relation to goods or software export of which is required to be declared on the specified form and export of services, in respect of which no declaration forms has been made applicable, the specified period has expired and the payment therefor has not been made as aforesaid, the Reserve Bank may give to any person who has sold the goods or software or who is entitled to sell the goods or software or procure the sale thereof, such directions as appear to it to be expedient, for the purpose of securing, a the payment therefor if the goods or software has been sold and b the sale of goods and payment thereof, if goods or software has not been sold or reimport thereof into India as the circumstances permit, within such period as the Reserve Bank may specify in this behalf; Provided that omission of the Reserve Bank to give directions shall not have the effect of absolving the person committing the contravention from the consequences thereof.

Project exports:- 1 Where an export of goods or services is proposed to be made on deferred payment terms or in execution of a turnkey project or a civil construction contract, the exporter shall, before entering into any such export arrangement, submit the proposal for prior approval of the approving authority, which shall consider the proposal in accordance with the guidelines issued by the Reserve Bank of India from time to time.

Foreign Trade (Development and Regulation) Act, 1992

It also aims to impose Quantitative Restrictions and to bring in provisions for more stringent control for trade of dual-use goods and technologies. However, the effective date of the provisions would be notified separately. The penalty provisions under the Act proposed to be amended so as to impose the penalty on contravention of any of the provisions of the Act or rule in so far the same are applicable for services or technology;. A new Chapter to be introduced in the Act so as to grant the Central Government a power to impose quantitative restrictions on import of any goods into India, in case the goods are coming into India in such increased quantities which may cause injury to domestic industry. The quantitative restrictions imposed shall, unless revoked earlier, cease to have effect on the expiry of four years from the date of such imposition;. The Weapons of Mass Destruction and their Delivery Systems Prohibition of Unlawful Activities Act, , is to be applicable on export, transfers, re transfers, brought in transit, transshipment of and brokering of specified goods, services and technology;.

India Exim Policy - Foreign Trade Policy.

Exports and Imports are regulated by Foreign Trade Policy notified by Central government in exercise of powers conferred by section 5 of foreign trade Development and Regulation Act Presently Foreign Trade Policy is effective from 1 st April, Export in itself is a very wide concept and lot of preparations is required by an exporter before starting an export business. To start export business, the following steps may be followed:.

Short title and commencement 2. Definitions 3. Powers to make provisions relating to imports and exports 4. Continuance of existing Orders 5.

Imports and exports are considered to be two important components of foreign trade. Foreign trade refers to nothing but the exchange of the goods and services between two or more countries, across their respective international borders.

In exercise of the powers conferred by clause a of sub-section 1 , sub-section 3 of Section 7 and sub-section 2 of Section 47 of the Foreign Exchange Management Act, 42 of and in supersession of its Notification No. Authority to whom declaration is to be furnished and the manner of dealing with the declaration The triplicate shall be retained by the designated official for record. On the realisation of the export proceeds, the duplicate copies of export declaration forms viz.

Foreign Trade (Development and Regulation) Act 1992 Bare Act PDF download

2 Comments

Daisy M. 23.03.2021 at 05:32

An Act to provide for the development and regulation of foreign trade by facilitating imports into, and augmenting exports from, India and for matters connected.

Marine T. 28.03.2021 at 18:59

An Act to provide for the development and regulation of foreign trade by facilitating imports into, and augmenting exports from India and for.

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