Foreign trade regulation now combines facilitation and control, with policy power centralised and civil adjudication of breaches. The Act shifts foreign trade law toward development and regulation, empowering the Central Government to formulate and non delegably announce an Export & Import Policy and making that Policy part of the statutory framework alongside rules and orders. Contraventions are treated as civil offences adjudicated administratively; possession of an Importer-Exporter Code is mandatory; and adjudicating authorities may accept monetary settlements for admitted contraventions.
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Provisions expressly mentioned in the judgment/order text.
Foreign trade regulation now combines facilitation and control, with policy power centralised and civil adjudication of breaches.
The Act shifts foreign trade law toward development and regulation, empowering the Central Government to formulate and non delegably announce an Export & Import Policy and making that Policy part of the statutory framework alongside rules and orders. Contraventions are treated as civil offences adjudicated administratively; possession of an Importer-Exporter Code is mandatory; and adjudicating authorities may accept monetary settlements for admitted contraventions.
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