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Export policy draft | Product specific rule | Ministry of Commerce & Industry

Export policy draft 28/05/2019 – Posted in: Daily News – Tags: exim policy, Foreign trade

EXPORT POLICY DRAFT

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

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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