>> November 26, 2009
Foreign trade development and regulation act was passed in 1992 . After this , old export control act 1947 was closed . All export and import are done by FTDR Act 1992 . FTDR Act is helpful to promote export
and import without any restrictions .
1. Reduce restrictions
This act's provisions are relating to reduce the restrictions on foreign trade .
2. EXIM Policy
This provision gives power to govt. of India to make policy of export and import under this act.
3. Appointment of Director general of Foreign trade
This act also powers to govt. of india to appoint director general of foreign trade . DFGT will advise for making exim policy .
4.Importer exporter code no.
Under this law , any body can export or import only after getting I-M-C-N from director general of foreign trade .
5. Issue of license
Export or import can be done under license issued by DGFT
6. Search and Seizure
Authorized person can search whether goods are imported or exported under term and conditions of FTDR Act 1992.
7. Penalty for contravention
If anybody contravenes the rules and regulations of FTDR Act 1992 , then he has to give 1000 rupees or 5 times of value of goods involve whichever is more .