EXPORT POLICY DRAFT

 

For: Preliminary
Topic covers: Features & Significance; ITC-HS

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News Flash

The Ministry of Commerce and Industry has come out with a comprehensive draft of the export policy which includes product- specific rules with a view to provide a ready reckoner for exporters.

It is a comprehensive exports policy for all ITC (HS) tariff codes (including items which are ‘free’ for export and do not currently exist in the policy), covering conditions/restrictions imposed by partner government agencies on exports.

 

Policy Aim

The draft policy aims at consolidating the export norms for each product as applicable at different government agencies.

 

ITC-HS

• ITC-HS Codes are Indian Trade Clarification based on Harmonised System of Coding. It was adopted by India for import-export operations.
• Every product has been accorded eight digit HS codes.  Indian custom uses an eight digit ITC-HS Codes to suit the national trade requirements.
• The compendium will help an exporter know all the applicable norms pertaining to a particular product, helping him/her understand policy conditions for that item.
• ITC-HS codes are divided into two schedules. ITC(HS) Import Schedule I describe the rules and guidelines related to import policies where as Schedule II describe the rules and regulation related to export policies.
• Any changes or formulation or addition of new codes in ITC-HS Codes are carried out by DGFT (Directorate General of Foreign Trade).

 

Source: The Hindu

 

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