Chapter 1A - LEGAL FRAMEWORK - Foreign Trade Policy (RE - 2007) / 2004-09

CHAPTER 1A LEGAL FRAMEWORK Preamble 1.1 The Preamble spells out the broad framework. Duration 1.2 This Foreign Trade Policy 2004-2009 (FTP), incorporating provisions relating to export and import of goods and services, shall come into force with effect from 1 st April, 2007 and shall remain in force upto 31 st March, 2009 unless otherwise specified. Amendments 1.3 Central Government reserves right in public interest to make any amendments by notification to this Policy in exercise of powers conferred by Section 5 of FT(D R) Act. 1.4 Authorisations issued before commencement of FTP shall continue to be valid for the purpose and duration for which such Authorisation was issued, unless otherwise stipulated. Transitional Arrangements 1.5 In case an export or import that is permitted freely under FTP is subsequently subjected to any restriction or regulation, such export or import will ordinarily be permitted notwithstanding such restriction or regulation, unless otherwise stipulated, provided that shipment of export or import is made within original validity with respect to available balance and time period of an 1 irrevocable commercial letter of credit established before date of imposition of such restriction. However, a time limit for operationalising such LCs may be prescribed. -------------------------------------- Note : 1. The words 'irrevocable letter of credit' has been substitutedby the words 'irrevocable commercial letter of credit' vide Notification No. 20/2007, Dated 13/08/2007