The Foreign Trade (Development and Regulation) Act 1992, the Foreign Trade (Regulation) Rules 1993 and the Foreign Trade (Exemptions from Application of Rules in Certain Cases) Order 1993 issued thereunder. This Act replaced the earlier legal regime consisting of the Imports and Exports (Control) Act 1947 and the Import (Control) Order 1955 and the Export (Control) Order 1988 issued thereunder and amended from time to time. With the operation of the new legal regime, the era of foreign trade controls witnessed its demise.
The primary objective of this Act is to provide for the development and regulation of foreign trade by facilitating imports into and augmenting exports from India and for matters connected in addition to that or incidental thereto. The Export and Import Policy of India now renamed the Foreign Trade Policy is issued under Foreign Trade (Development and Regulations) Act 1992 and any amendments to the Policy provisions are also made thereunder. The permission for export and import is also given under this Act by granting the Importer-Exporter Code Number (IEC). The maximum punishment for the commitment of any offense, contravention of any law, harming country’s trade relations or bringing disrepute to the credit or the goods of the country while conducting the export-import business transactions, is also operated either through the suspension or cancellation of the Importer-exporter Code Number.
The necessary provisions relating to Appeal and Revision are also provided. This Act provides the power under the Code of Criminal Procedure, 1973 relating to Searches and Seizures and Code of Civil Procedure, 1908 for making any adjudication or hearing any appeal or exercising any powers of revision under Foreign Trade (Development and Regulations) Act, 1992.