Foreign Trade (Development and Regulation) Act, 1992 vis-a-vis Imports and Exports (Control) Act, 1947 - Customs - F. No. 478/20/92-LC

Foreign Trade (Development and Regulation) Act, 1992 vis-a-vis Imports and Exports (Control) Act, 1947 F. No. 478/20/92-LC Dated 24-2-1994 Government of India Central Board of Excise Customs New Delhi Subject : Provisions of the Foreign Trade (Development and Regulation) Act, 1992 vis-a-vis those of Imports and Exports (Control) Act, 1947- Regarding. Reference Board's letter of even number dated 20th September, 1993 on the subject mentioned above (copy enclosed) and to request your immediate comments/views on the two Acts. I am directed to forward herewith, a comparative statement indicating the points of difference between the Foreign Trade (Development and Regulation) Act, 1992 and the Imports Exports (Control) Act, 1947, for information and to seek your views on the two Acts. With reference to the Imports Exports (Control) Act, 1947 and the Foreign Trade (Development and Regulation) Act, 1992 the substantive points of difference between the two Acts are :- Import Exports (Control) Act, 1947 Foreign Trade (Development Regulation) Act, 1992 It empowered the Central Govt. to make provisions for (i) prohibiting, restricting or otherwise controlling Imports Exports (Section 3) (i) In addition empowers Central Govt. to make provisions for development and regulation of foreign trades by facilitating imports and increasing exports (Section 3). There was no provision for formulation and announcement (ii) of Import Export Policy by the Central Govt. This was done by the CCI E. It requires that the Export (ii) Import Policy may be formulated and announced or amended by the Central Govt. This power cannot be delegated. [Section 5 and 6(3)] The body of the law consisted of the Act and the orders (iii) made thereunder. The body of the law now consists of the Act, the Rules (iii) Orders made thereunder and also the Export Import Policy. Contraventions of the provisions of the Act or (iv) subordinate Legislation thereunder were punishable with imprisonment and or/fine (Section 5) All contraventions are deemed as Civil offences and are (iv) adjudicated as such. Possession of Importer Exporter Code Nos. was not (v) mandatory. (v) Every person intending to do Imports Exports business shall apply for and obtain an Importer Exporter Code No. (Section 7). There was no provision for settlement in case of persons (vi) admitting contraventions. (vi) The adjudicating Authority may determine an amount to be paid as settlement in case of admitted contraventions [Section 11(3)].