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Foreign Exchange Management Act

(Querist) 23 November 2008 This query is : Resolved 
Provisions of FEMA to control Export and Import
Manish Singh (Expert) 25 November 2008
Export of Goods and Services from India is allowed in terms of clause (a) of sub-section (1) and sub-section (3) of Section 7 of the Foreign Exchange Management Act 1999, read with Notification No. GSR 381(E) dated May 3, 2000 and FEMA Notification 23/RB-2000 dated May 3, 2000 as amended from time to time. Also, all the Circulrs are now contained in RBI/2007-2008/25 Master Circular No/09/2007-08.

Manish Singh (Expert) 25 November 2008
Imports in to India are governed by Foreign Trade (Development & Regulation) Act 1992. Under this Act, imports of all goods is Free except for the items regulated by the policy or any other law for the time being in force.In exercise of the powers conferred by the Foreign Trade (Development & Regulation) Act 1992 the Government has issued the following Rules & Order:

Foreign Trade(Regulation)Rules, 1993, which inter alia, provide for grant of special licence, application for grant of licence, fee, conditions for licences, refusal of licence, amendment of licence, suspension of a licence, cancellation of licence, declaration as to the value and quality of imported goods, declaration as to the Importer- Exporter Code number, utilisation of imported goods, provisions regarding making, signing of any declaration/statement or documents, power to enter the premises and inspect, search and seizure of goods, documents, things and conveyance, settlement, confiscation and redemption and confiscation of conveyance.

Foreign Trade (Exemption from Application of Rules in Certain Cases) Order 1993

Notifications under Foreign Trade (Development & Regulation) Act 1992.

Apart from these, fo through Export Import Policies( EXIM policies)
Dr.Gaurang N. Gandhi (Querist) 25 November 2008
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Dr. Harrit Jani (Expert) 29 November 2008
FOR THIS MATTER AGREE WITH maNISH sING. iF YOU HAVE ANY PERTICULAR QUERY OR CONFUSION PLEASE ASK TO THE POINT i SHALL TRY TO SOLVE IT., REGARDS.
Kamlesh soni (Expert) 02 March 2009
FOR THIS MATTER AGREE WITH maNISH sING.


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