30 May 2019
INDIA: New Policy Document Set to Consolidate All Export Regulations
The Commerce Ministry has entered a period of public consultation with regard to the latest draft of its Export Policy. Although containing no significant changes to the country’s export regulations, the draft document does, for the first time, detail the product-specific export rules governing each tariff line. According to the Directorate General of Foreign Trade (DGFT), this consolidates all the existing practices, while also factoring in any export-related legislation enacted since February 2018 and the input of all relevant government departments.
Businesses and industry associations have welcomed this consolidation, which is expected to function as the definitive guide to export best practice once formally adopted. It is also hoped that, in turn, it will promote transparency and consistency across the country’s export-related regulatory system and ultimately improve the ease of doing business.
The full text of the document and the product-specific regulations can be accessed via the DGFT website.