Exim Policy Legal Framework

Foreword  1.1 The Foreword spells out the broad framework.
Duration  1.2 This Foreign Trade Policy 2004-2009 (FTP), incorporating provisions relating to export and import of goodsand services, shall come into force with effect from 1st April, 2008 and shall remain in force upto 31st March, 2009 unless otherwise specified.
Amendments 1.3 Central Government reserves right in public interest to make any amendments by notification to this Policy in exercise of powers conferred by Section 5 of FT(D&R) Act.
Transitional Arrangements  1.4 Authorisation issued before commencement of FTP shall continue to be valid for the purpose and duration for which such Authorisation was issued, unless otherwise stipulated.
1.4A The earlier Public Notices,Policy Circulars, Notifications or Decisions will also be deemed to be in force as if promulgated under the current policy to the extent they are not inconsistent with the provisions of the present policy and procedure. (This Para is inserted by DGFT Notification No. 20(RE-2008)/2004-2009, Dated : 01-07-2008)
 1.5 In case an export or import that is permitted freely under FTP is subsequently subjected to any restriction or regulation, such export or
import will ordinarily be permitted notwithstanding such restriction or regulation, unless otherwise stipulated, provided that shipment of
export or import is made within original validity with respect to available balance and time period of an irrevocable commercial letter of
credit, established before date of imposition of such restriction. However, a time limit for operationalising such LCs may be prescribed.

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