Commerce Ministry Releases Draft Compendium Of Export Policy
The commerce ministry has come out with a comprehensive draft export policy which includes product specific rules to assist exporters.
“Based on inputs received from various partner government agencies, it is proposed to bring out a comprehensive exports policy for all ITC (HS) tariff codes (including items which are 'free' for export and do not currently exist in the policy), covering conditions/restrictions imposed by partner government agencies on exports,” said the commerce ministry’s Directorate General of Foreign Trade.
The draft export policy aims at consolidating the export norms for each product as applicable at different government agencies.
ITC-HS Codes are Indian Trade Clarification based on Harmonized System of Coding. It was adopted by India for import-export operations. Every product has been accorded eight digit HS codes.
The compendium will help an exporter know all the applicable norms pertaining to a particular product, helping them understand policy conditions for that item.
This exercise is for consolidating the norms and not for making any changes in the existing export policy of the country.
The DGFT said that the updated draft has been prepared by including all existing policy conditions, all notifications and public notices issued after January 2018. Besides, it also includes non-tariff regulations imposed by different government agencies.
Commenting on the move, exporters body Federation of Indian Export Organisations said that it would provide a “ready reckoner” for traders and help in digitisation.
“It will help exporters in understanding export norms and conditions for items,” FIEO director general Ajay Sahai said.
The directorate has sought views of all stake holders on the draft.
Similar policy exists for import purposes also. While Schedule 1 deals with imports, Schedule 2 deals with export related matters.