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of <h1>Trade Rules: Exports/Imports Free Unless Restricted by FTP or ITC (HS); Prohibited Arms Trade with Iraq, North Korea, Iran</h1> Exports and imports are generally free unless regulated by the Foreign Trade Policy (FTP) or ITC (HS), which aligns with international standards. Prohibitions include arms trade with Iraq, certain goods with North Korea and Iran, and charcoal from Somalia. Imports must comply with domestic laws, and the Directorate General of Foreign Trade (DGFT) oversees policy interpretation and procedure. Authorizations are required for restricted items, and violations incur penalties. State Trading Enterprises manage certain goods, and an Importer-Exporter Code is mandatory. Special provisions exist for trade with neighboring countries, lease financing, and bonded warehouses. Export contracts must be in convertible currency, and specific procedures apply for perishable goods and grievance redressal.
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