Forex policy making body in india
Commodity Boards. Export Credit Guarantee Corporation. Export Inspection Council.
Export Promotion Councils. Federation of Indian Export Organizations. Indian Institute of Foreign Trade. Indian Institute of Packaging. India Trade Promotion Organization. Can customs decisions and import restrictions be challenged? The decisions of customs officials under customs laws can be challenged before the appellate courts, including the Customs, Excise and Service Tax Tribunal, the high courts and the Supreme Court.
However, import restrictions that is, policy measures adopted by the Directorate General of Foreign Trade cannot be challenged, as they fall within the realm of government policy. Trade remedies Regulatory framework. What are the main regulations on trade remedies? What are the authorities responsible for investigating and deciding on trade remedies?
India is one of the most active users of trade remedy measures. Subsidies and countervailing measures. The DGTR is the authority responsible for investigating allegations of dumping and subsidisation of goods imported into India. The DGTR is a quasi-judicial authority that must follow the processes set out in the relevant laws when conducting any investigations. The DGTR can initiate anti-dumping, subsidy and safeguard investigations based on a written application or on its own motion. The DGTR pursuant to determining whether there is dumping and whether such dumping has caused any injury to the domestic industry, can recommend the imposition of anti-dumping duties.
The foreign exchange regulations have been liberalised over the years to on a continuous basis in line with the government policy of economic liberalisation. The apex foreign exchange regulatory authority in India is the Reserve Bank of your preferences or your device and is mostly used to make the site work as you. Provided that an investment made in accordance with the Act or the rules or the regulations A person resident outside India may make investment as under: Corporate Body (OCB)' means an entity derecognized through Foreign Exchange.
The DGTR pursuant to determining whether there is subsidisation and whether such subsidisation has caused injury to domestic industry, can recommend the imposition of countervailing duties. Similarly, the DGTR determines whether there has been any significant and sharp increase in imports causing injury to the domestic industry, and can accordingly recommend the imposition of safeguard duties.
The findings of the DGTR are recommendatory in nature. The Ministry of Finance takes the final decision on the imposition of trade remedies. Investigations and enforcement. What are the requirements and procedure to start trade remedies investigations? Anti-dumping proceedings Anti-dumping investigations can be initiated by the DGTR either on its own motion or on a written application by, or on behalf of, the domestic industry.
The application must contain evidence of dumping, injury and causal link. The DGTR must satisfy itself of the accuracy and adequacy of the evidence provided in the petition before initiating an anti-dumping investigation.
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Any interested party that is, a foreign exporter, government or importer that has registered itself as interested party can make representations and access non-confidential documents. The DGTR must offer a hearing to the interested parties before arriving at its findings. Countervailing proceedings The DGTR can initiate anti-subsidy investigations on its own motion or on a written application by, or on behalf of, the domestic industry.
The same rules apply as for anti-dumping proceedings see above, Anti-dumping proceedings.
Safeguard proceedings The Director General Safeguards of the DGTR can initiate safeguard investigations on its own motion or on receipt of a written application by, or on behalf of, a domestic producer of like or directly competitive products. The application must contain both:. Evidence of increased imports, serious injury and causal link. A positive statement on efforts being taken by the applicants to make a positive adjustment to competition. The DGTR must satisfy itself of the accuracy and adequacy of the evidence provided in the application before initiating a safeguard investigation.
Any interested party that is, a foreign exporter, government or importer that has registered itself as an interested party can make representations and access non-confidential documents. Is there a right of appeal against the authority's decision? What is the applicable procedure? However, any aggrieved person can petition a court under writ jurisdiction for judicial review of the positive findings of DGTR. However, an aggrieved person can petition the constitutional courts under writ jurisdiction.
Exports Regulatory framework. What are the main requirements to export goods from your jurisdiction? What are the authorities responsible for enforcing export regulations and controls? Exports from India are also regulated by the RBI, which issues regulations and notifications from time to time. The Master Circular on Exports of Goods and Services dated 1 July as amended from time to time contains provisions on payment for exports, among others.
Under the FTP, the broad requirements to export goods are as follows:. Opening a bank account. Exporters must open a current account with a bank authorised to deal in foreign exchange. Obtaining a permanent account number PAN. Obtaining an importer-exporter code. Any person intending to export goods must obtain an importer-exporter code from the DGFT.
Exporters must also provide the following documents:.
Bill of lading, airway bill, lorry receipt, railway receipt or postal receipt. Are certain categories of goods subject to specific export quotas, restraints or other controls? Several items are subject to export quotas, restraints and other controls, such as prohibitions or restrictions under the FTP.
Goods are broadly categorised as:. Free: these goods can be exported without any export licence subject to any other terms and conditions. Restricted: these goods require an export licence. Prohibited: these goods cannot be exported. STEs: export of these goods is permitted without an export licence through designated STEs, subject to certain conditions.
Special chemicals, organisms, materials, equipment and technologies: these goods are governed by specific provisions of:. What are the consequences of non-compliance with export regulations? Non-compliance with export regulations can result in:.
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The suspension or cancellation of the importer-exporter code and export licence. Penalties not amounting to less than INR10, and not more than five times the value of the goods, services or technology in respect of which any violation is made or attempted to be made whichever is higher. Other penalties under the Customs Act International trade restrictions Trade sanctions. Are there specific restrictions on trade with certain jurisdictions?
Trade sanctions include the following:. Imports and exports of arms and related materials from and to Iraq are prohibited. However, exports of arms and related material to the Government of Iraq is permitted, subject to obtaining a "no objection certificate' from the Department of Defence Production. Trade in oil and refined oil products, modular refineries and 38 related materials, and items of cultural including antiquities , scientific and religious importance is prohibited with the Islamic State in Iraq and the Levant ISIL , the Al-Nusra Front and other individuals, groups, undertakings and entities associated, directly or indirectly, with Al Qaida.
There are also sanctions against non-state actors such as terrorist organisations. What is the authority responsible for imposing trade restrictions?
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This includes the adoption of economic sanctions. What are the consequences of non-compliance with trade restrictions?
Foreign Exchange Regulations
See Question Are businesses subject to specific compliance requirements? What practical steps should a business take to ensure compliance with trade restrictions? Businesses must comply with:. The Customs Act While there is no one method to ensure compliance, businesses should seek expert legal advice on issues relating to the export and import of goods. Internal training programmes, implementing compliance manuals and frequent due diligence exercises among others may be helpful. Foreign trade barriers.
What is the procedure for local exporters to complain against foreign trade barriers contrary to the WTO or other trade agreements?
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However, intervention of the government at the WTO level depends on several factors, including political sensitivities, the strength of the case, the importance of the industry sector in the Indian economy and so on. Developments and reform Are there impending developments or proposals for reform affecting international trade in goods and services?
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See Question 1. Professional qualifications. India, Lawyer.