DGFT Extends Foreign Trade Policy (2015-20) till March 2022

Last Updated On: Sept. 28, 2021, 11:19 p.m.
...

DGFT Extends Foreign Trade Policy for 2015-20

 

What is India’s Foreign Trade Policy?

The foreign trade policy is essentially a set of guidelines for the import and export of goods and services. These are established by the Directorate General of Foreign Trade (DGFT), the governing body for the promotion and facilitation of exports and imports under the Ministry of Commerce and Industry. The policy is notified for a period of five years. It is updated every year on March 31, and the changes come into effect from April 1.

While the trade policy covers both imports and exports, its primary objective is to facilitate trade by reducing transaction cost and time, thereby making Indian exports more globally competitive. It aims to:

  • Accelerate economic activity and make the most of global market opportunities
  • Encourage sustained economic growth by providing access to raw materials, components, intermediates (goods used as inputs for the production of other goods), consumables and capital goods required for production
  • Strengthen Indian agriculture, industry and services 
  • Generate employment
  • Encourage stakeholders to strive for international standards of quality
  • Provide quality consumer products at reasonable prices

 

DGFT extends FTP:

The Director-General of Foreign Trade (DGFT) extended the Foreign trade policy 2015-20 extended till 31 March 2022. The existing Foreign Trade Policy was to expire on 31st September 2021 but the Ministry of Commerce & Industry has extended the same upto 31 March 2022.

Various other amendments are also made providing extension in the export obligation period in case of Advance and EPCG Authorisations, extension in the validity period of status certificates, extension in the dates of filing various applications and returns, etc.

The DGFT notified the procedure to be followed by an exporter or importer or by the licensing/Regional Authority or by any other authority for purpose of implementing the provisions of Foreign Trade (Development & Regulation) Act, the Rules/orders made thereunder, and the provisions of Foreign Trade Policy, which has been extended till 31 March 2022.

The DGFT notified that the validity of the status certificate has been extended from 30 September 2021 to March 31, 2022. The provisions related to Entitlement have been extended from 30 September 2021 to  March 31, 2022.

 

ABOUT LEGAL SUVIDHA

Copyright © 2013-2021 - All Right Reserved