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EXIM Policy


Introduction

Exim Policy refers to Export and Import policy (EXIM Policy). Exim Policy is announced by Government of India which is adopted by a country for import and export businesses. Exim Policy is also known as Foreign Trade Policy which defines a set of instructions and guidelines for import and export in India. It is announced by Government of India and Ministry of Commerce in every 5 years. All the updates of this policy is released on 31st of March and applied from 1st april on every year. The main aim of this policy is to remove restrictions on imports and exports and provides friendly environment for trade procedures. The government of India also released a Handbook of Procedures which has complete details and schemes about this policy.


History of Exim Policy of India

The Government of India selected a committee to review the existing policies for export and import in India in 1962. This committee was named as Exim Policy. After review all the sections of existing policies this committee was permitted by the Government of India. Mr. V.P. Singh, and then Commerce and finally announced this new Exim Policy of India on the 12th of April, 1985. At that time, the period of this policy was 3 years to boost the export business in India.


Exim Policy documents

Documents means major information that it contains. In this policy all the major information is stored in Handbook of Procedures. Handbook of procedures contains all the agencies and strategies which is needed to understand what the policy is? Basically Handbook of Procedure contains the complete and detailed information about Exim Policy.


Main Objectives of EXIM Policy

The main objective of this policy is to control the imports of unnecessary or non-essential items. We can summarized these objectives as follows:-

  • To offer new products with reasonable prices.
  • To generate new services and employment for enhancing the quality of a product.
  • Increasing the economy from low level to high level to gain maximum benefits from expanding global market opportunities.
  • To enhance the local strength of a products and services.

References

For further details please visit the sites:-

www.aces.gov.in
www.servicetax.gov.in
cbec-easiest.gov.in
www.taxguru.in