Foreign Trade Policy 2023
India’s Foreign Trade Policy (FTP) 2023, effective from April 1, 2023, supersedes the FTP 2015–20, which had been extended due to the COVID-19
Foreign Trade (Development and Regulation) Act, 1992
The Foreign Trade (Development and Regulation) Act, 1992 (FTDR Act) was enacted to provide the legal framework for the development and regulation of India’s foreign trade. It replaced the earlier Imports and Exports (Control) Act, 1947 to align India’s trade regime with global practices
Major Compliances under Foreign Contribution (Regulation) Act, 2010
The Foreign Contribution (Regulation) Act, 2010 (FCRA) was enacted to regulate the acceptance and utilization of foreign contributions or foreign hospitality by individuals, associations, and organizations in India. Its primary purpose is to ensure that foreign funds are used for legitimate purposes, such as social, cultural, educational, and developmental activities, and not for activities detrimental to national interest, security, or public welfare.
Key Compliances under Foreign Trade Policy, 2023
India’s Foreign Trade Policy (FTP) 2023, effective from April 1, 2023, supersedes the FTP 2015–20, which had been extended due to the COVID-19 pandemic and global uncertainties. The FTP 2023 aims to transform India into a global trading powerhouse by focusing on export promotion, ease of doing business, and integration into global value chains.
Annual Skilling and Mentorship Obligations- Foreign Trade Policy 2023
The Foreign Trade Policy aims to develop a sustainable export ecosystem by leveraging the knowledge and experience of Status Holders to mentor and train aspiring exporters and young professionals.
Annual Updation of IEC-Foreign Trade Policy, 2013
• As per Paragraph 2.05 of Foreign Trade Policy, 2023 an IEC (e-IEC) is a 10-character alpha-numeric number allotted to an entity (firm/company/LLP etc.) and is mandatory for undertaking any export/import activities. With a view to maintain the unique identity of an entity, consequent upon introduction / implementation of GST, IEC shall be same as Permanent Account Number(PAN) and shall be separately issued by DGFT based on an online application.
Import Export Code
IEC (Import-Export Code) is regarded as key business identification number that is compulsory for purpose of export & import from India.