GENERAL PROVISIONS REGARDING EXPORTS AND IMPORTS : As you know that the policy aims at promoting the exports and liberalising the imports. Let us first study the general provisions regarding exports and imports.
Exports and Imports free unless regulated: Exports and imports shall be free, except to the extent they are regulated by the provisions of this policy or any other law for the time being in force. The goods may be exported or imported from India to any country of the World except Fiji and Iraq. The Central Government may in public interest, regulate the import or export of goods by means of a Negative List of Imports or a Negative List of Exports, as the case may be.
Compliance with Laws: Every exporter or importer shall comply with the provisions of the Foreign Trade (Development and Regulation) Act, 1.992. They are supposed to comply with the Rules and Orders made under this act, the provisions of this policy and the terms and conditions of any licence granted to them. The provisions of any other law for the time being in force are also to be complied with. If Any question or doubt arises in respect of the interpretation of any provision contained in this policy, it shall be referred to the Director Genera1, of-Foreign Trade whose decision thereon shall be final and binding.
Trade with Neighbouring Countries: The Director General of Foreign Trade may issue, from time to time, such instructions or frame such schemes as may be required to promote trade and strengthen economic ties with neighbouring countries.
Trade with Russia Under Debt-Repayment Agreement: In case of trade with Russia under the Debt Repayment Agreement, the Director General of Foreign Trade may issue, from time to time, such instructions or frame such schemes as may be required.
Transit Facility: ran sit of goods through India from or to countries adjacent to India shall be regulated in accordance with the treaty between India and those countries. After studying the general provisions, let us now come to the specific provision. First, we shall be studying the provisions related to exports.