Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The DGFT issued a Trade Notice mandating the adoption of a standardized Internal Compliance Programme (ICP) by industries exporting dual-use (SCOMET) items to ensure adherence to export control laws under India's Foreign Trade Policy 2023. The ICP framework delineates comprehensive governance including management commitment, risk assessment, transaction screening, licensing, training, monitoring, and corrective actions aligned with international standards such as ISO 37301 and Wassenaar Arrangement guidelines. Organizations must implement documented policies, appoint designated export compliance officers, and maintain robust controls over physical and intangible transfers. Performance evaluation through audits and management reviews is required to ensure continual improvement. A case study of a mid-sized electronics manufacturer exemplifies successful ICP implementation resulting in GAICT scheme approval, reduced licensing delays, and enhanced compliance. The regulatory framework aims to prevent unauthorized export of sensitive dual-use items, promoting responsible trade and contributing to national and global security objectives.
The DGFT issued a Trade Notice mandating the adoption of a standardized Internal Compliance Programme (ICP) by industries exporting dual-use (SCOMET) items to ensure adherence to export control laws under India's Foreign Trade Policy 2023. The ICP framework delineates comprehensive governance including management commitment, risk assessment, transaction screening, licensing, training, monitoring, and corrective actions aligned with international standards such as ISO 37301 and Wassenaar Arrangement guidelines. Organizations must implement documented policies, appoint designated export compliance officers, and maintain robust controls over physical and intangible transfers. Performance evaluation through audits and management reviews is required to ensure continual improvement. A case study of a mid-sized electronics manufacturer exemplifies successful ICP implementation resulting in GAICT scheme approval, reduced licensing delays, and enhanced compliance. The regulatory framework aims to prevent unauthorized export of sensitive dual-use items, promoting responsible trade and contributing to national and global security objectives.
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