THE FOREIGN TRADE (DEVELOPMENT AND REGULATION) AMENDMENT ACT, 2010 No. (25 of 2010)
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Foreign trade policy expansion to cover services and technology, expanding controls, licences and enforcement powers.
The Amendment incorporates services and technology within the Foreign Trade Policy, defines "services", "service supplier", "technology" and "specified goods or services or technology", conditions IEC and policy benefits on dealing with specified items, expands licensing and benefit instruments to include certificates and scrips, and enlarges enforcement powers including suspension or cancellation of IECs, search and seizure, penalties proportionate to the value of goods, services or technology, recovery mechanisms, confiscation, and crediting penalties to the Consolidated Fund.