Foreign trade policy is formulated, controlled and supervised by the office of the Director General of Foreign Trade (DGFT), an attached office of the Ministry of Commerce & Industry. DGFT has several offices in various parts of the country which work on the basis of the policy formed by the headquarters at Delhi.
Features of foreign trade policy are:-
However government can give permissions from policy and procedure.
a) Import of baggage
b) Temporary import of goods,(used/new)
c) Re-import, after repair (No need of authorization of DGFT)
d) “Sale on High Seas Sale” basis
e) Goods imported, Domestic goods purchased for export, No need of Bank guarantee/ LUT
f) Export of goods free : (unless restricted by FTP/ Custom Act)
g) Export of gift ( Maximum value of Ps. 5 Lakh)
h) In case of warehoused goods (Custom bonded warehouse) : duty is to be paid at the time of clearance of goods for home consumption.
i) Export of Repair goods are permitted without any authorization.
j) Realization of export Procedure.
k) No tax procedure in Special Economic Zone.
l) Import Export Code, Authorization, Document submissions etc. all facilities available online.