Pricinpal Law & Import Export Policy

Principal Law :-

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.
 
Import Export Policy :

The present import policy and procedures in respect of various commodities/category of importers, are, inter alia, contained in the following publications issued by the Ministry of Commerce and revised from time to time:
Import - Export Policy, 2009-2014 as modified upto 27.08.2009
Handbook of Import - Export Procedures(Volume 1), 2009-2014 as modified upto 26.08.2009.
Handbook of Import - Export Procedures: (Volume 2) Duty Exemption Scheme:
Input - Output and Value Addition Norms, 2009-2014.
ITC(HS) Classification of Import and Export Items.