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of <h1>Foreign Trade Policy Regulates Imports/Exports; Prohibits Specific Items; DGFT Oversees Compliance; Penalties for Violations</h1> Exports and imports are generally free unless regulated by the Foreign Trade Policy (FTP) or other laws. Specific prohibitions include the import of rough diamonds from Cote d'Ivoire and Venezuela, and arms from Iraq. Exports and imports related to nuclear or missile programs in North Korea and Iran are also prohibited. Compliance with domestic laws and FTP is mandatory, and the Directorate General of Foreign Trade (DGFT) oversees the interpretation and implementation of these policies. Authorizations are required for restricted goods, and penalties apply for non-compliance. The DGFT can provide exemptions in cases of genuine hardship. Importer-Exporter Codes are mandatory for trade, and specific provisions govern the import and export of second-hand goods, samples, gifts, and goods used in projects abroad. The policy also outlines procedures for bonded warehouses and the movement of goods, emphasizing trade facilitation through electronic initiatives and grievance redressal mechanisms.
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