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of <h1>Non-compliance with Foreign Trade Act 1992 Leads to Severe Penalties, Including Fines and Confiscation for False Declarations.</h1> The Foreign Trade (Development and Regulation) Act 1992 prohibits any export or import unless compliant with the Act, associated rules, orders, and the current foreign trade policy. Violations, including attempts to contravene these provisions, incur penalties ranging from ten thousand rupees to five times the value of the involved goods, services, or technology. False declarations or documents submitted to the Director General or authorized officers also attract similar penalties. Unpaid penalties can be recovered through various means, including deductions, customs actions, or property seizure. Goods involved in contraventions may be confiscated but can be released upon payment of redemption charges. The Importer Exporter Code Number may be suspended for unpaid penalties.
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