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of <h1>Comparison of Foreign Trade Act 1992 vs Imports and Exports Control Act 1947: Expanded Powers, Policies, and Settlements Explained.</h1> The circular from the Central Board of Excise & Customs outlines the differences between the Foreign Trade (Development and Regulation) Act, 1992, and the Imports and Exports (Control) Act, 1947. The 1992 Act expands the government's powers to develop and regulate foreign trade, mandates the formulation and announcement of import-export policies by the central government, and includes rules, orders, and policies in its legal framework. It treats contraventions as civil offenses, requires an Importer Exporter Code for trade, and allows for settlement in cases of admitted contraventions, unlike the 1947 Act.
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