LEGISLATIONS

Foreign trade is an important area determining a countries economy. Exports is very vital for a country, how ever a country also need to encourage import which are required to stimulate economy. India’s foreign trade is governed by many rules and regulations. Following are the major legislations in the area of foreign trade

• Customs Act, 1962

• Customs Tariff Act, 1975

• FOREIGN EXCHANGE REGULATION ACT, 1973 (FERA)

• FOREIGN EXCHANGE MANAGEMENT ACT, 1999 (FEMA, 2000)

• The Conservation Of Foreign Exchange And Prevention Of Smuggling Activities Act, 1974 (COFEPOSA, 1974)

• Customs Valuation (Determination Of Price Of Imported Goods) Rules, 1988 (Valuation Act)

• Smugglers And Foreign Exchange Manipulators (Forfeiture Of Property) Act, 1976 (SAFEMA, 1976)

• The Foreign Trade (Development and Regulation)

• The Prevention of Money Laundering Bill, 1999

• Custom House Agents Licensing Regulations, 1984

• Baggage Rules, 1998

• Custom & Central Excise Duties Drawback Rules, 1995

• Central Excise Act, 1944

• The BIS (Certification) Regulations, 1988

Last Updated On: 04-01-2008