EXIM POLICY AND EXCHANGE CONTROL

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EXIM BANK OF INDIA

• Set Up By An Act Of Parliament In September 1981,this act was supersede by the Foreign Trade (Development & Regulation Act), 1992.

Wholly Owned By Government Of India

Commenced Operations In March 1992

Apex Financial Institution

EXIM POLICY

The EXIM POLICY was introduced by government during second world war and it lasted for around 45 yrs and in June 1992 this act was supersede by the Foreign Trade (Development & Regulation Act), 1992.

The basic objective of this new act was to give effect to the new liberalized export and import policy of the Govt.

The EXIM Policy is updated every year on the 31st of March.

Objectives Of EXIM Policy To facilitate sustained growth in exports of the

country

To stimulate sustained economic.

To enhance the technological strength and efficiency of Indian agriculture,industry and services.

To generate new employment opportunities and to encourage the attainment of internationally accepted standards of quality.

Foreign Trade Development And Regulation Act, 1992.

The Foreign Trade Development And Regulation Act, 1992. , which replaced the Imports and Exports (Control) Act, 1947.

It authorizes the Central Government to formulate and announce an Export and Import (EXIM) policy and also amend the same from time to time, by notification in the Official Gazette.

Under the Act, every importer and exporter must obtain an ‘Importer Exporter Code Number’(IEC)  from Director General of Foreign Trade or from the officer so authorized.

How Foreign Trade affects the Indian Markets

Foreign trade affects the domestic trade and markets of a country and India.

India is a part of the globalization and any effect, positive or negative, on the global trade is bound to affect the Indian markets.

It was until 1991 that India followed a socialist-democratic approach which kept it uncommitted to the foreign countries.

India, like other countries participating in globalization, has been exporting and importing products and services to and from other countries.

Export Promotion Council

The basic objective of Export Promotion Councils is to promote and develop the exports of the country. 

The main role of the EPCs is to project India's image abroad as a reliable supplier of high quality goods and services.

The major functions of the EPCs are: To organize visits of delegations of its members abroad to

explore overseas market opportunities.

To organize participation in trade fairs, exhibitions and buyer-seller meets in India and abroad;

Registration and Certification

Registration cum-Membership certificate

Registered the company with commodity board.

Merchandise Exports From India Scheme(MEIS)

Service Export From India Scheme (SEIS)

Duty Exemption & Remission Schemes

Duty Drawback Of Customs/Central Excise Duties/Service Tax

EPCG Scheme

Towns Of Export Excellence (TEE)

Export Promotion Schemes

EXCHANGE CONTROL

Exchange controls are usually maintained in the belief that they help to

protect a country's currency and its foreign-exchange reserves.

Objectives of exchange control in India

(i) Protection of Balance of Payments.

(ii) Reducing Burden of Foreign Debt.

(iii) Raising the Level of Prices.

(v) Prevention of Export of Capital.

(vi) Economic Planning.