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Foreign Trade (Regulation) Rules 1993

Introduction

  • These rules may be called the Foreign Trade (Regulation) Rules, 1993.
  • They shall come into force on the date of their publication in the Official Gazette.

Definitions

In these rules unless the context otherwise requires:

  • "Act" means the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992).
  • "charitable purpose" includes relief of the poor, education, medical relief and the advancement of any other object of general public utility.
  • "importer" or "exporter" means a person who imports or exports goods and holds a valid Importer-exporter Code Number granted.
  • "licensing authority" means an authority authorised by the Director General.
  • "Policy" means the export and import Policy formulated and announced by the Central Government.
  • "licensing authority" means an authority authorised by the Director General
  • "schedule" means a Schedule appended to these rules.

Application Grant for License: A person can make an application for the grant of a License to Import or Export in accordance with the provisions of the Policy.

Conditions for License: License authority may issue a license for import and follow the condition that the goods covered by the License not to be disposed with the provisions of the policy or by the License authority in the license and the applicant shall execute a bond for complying with the terms and conditions.

Amendment of License: License authority may have it's own motion or an application by the License, amend any license in such manners may be necessary to rectify any error or omission in the license.

Cancellation of a License: The License authority or Director General may cancel any License granted if the License has tempered with the license in any manner or the License has been obtained by fraud or misrepresentation.


References

For further details please visit the sites:-

www.cbec.gov.in
taxguru.in
nbaindia.org
www.business.gov.in