Import Export act was introduced by Government during second world war and in June 1992. This act was released by the Foreign Trade (Development &Regulation act), 1992. This Act contains Policies in the sphere of Foreign trade with respect to Import & Export from the country and more especially policies and procedure there to. Trade between two or more countries is called foreign trade or international trade. Foreign trade is also known as external trade.
The main objective of Foreign Trade Act is to provide regulation of foreign trade and development by facilitating imports into and exports from India. This act was the replacement of Import and Export act 1947.