TaxTMI 
TaxTMI 
Review of Exim Policy
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....eview of Exim Policy <br>News and Press Release<br>Dated:- 5-12-2014<br><BR>Export and Import of goods are regulated as per the provisions of Foreign Trade Policy(FTP). Indian Trade Classification (Harmonisation System) [ ITC (HS)], 2012 notified under FTP, contains item wise export and import policy of goods which inter alia are covered under four categories namely, 'prohibited', 'restricted', 't....
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....rading through State Trading Enterprises' and 'free'. In addition, there are some goods which though are 'free' for import/export, but subjected to conditions stipulated in other Acts or laws for the time being in force. Further, Government also prescribes such other conditions/restrictions, as deemed fit, to regulate export/import of specified goods/ commodities e.g. minimum export/import price; ....
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....quantitative restrictions; port restrictions; quality/standard parameters etc. EXIM Policy of the Government is a dynamic process which is changed/ modified in response to evolving international scenario and domestic conditions. Any change in EXIM Policy of an item is brought about after due consultation/ review by the concerned line Ministry / Department. ITC (HS), 2012 contains more than 11000 ....
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....tariff lines and changes in EXIM policy of items or modifications in conditions of importability/exportability of items are brought about through notifications, as published in the Official Gazette and also uploaded on the DGFT's website (www.dgft.gov.in). Details of such reviews in last 3 years [after notification of the ITC (HS), 2012 on 18.4.2012] are as tabulated below: Year 2012-13 2013-14....
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.... 2014-15* No. of Changes 35 48 18 *Data available as on 30.11.2014 This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha today.<BR> News - Press release - PIB....