Foreign Trade Policy 2015-2020 – extended until March 31, 2022

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Introduction

The government recently notified the extension of the Foreign Trade Policy (FTP) 2015-2020 until March 31, 2022. The Foreign Trade Policy (FTP) 2015-2020 is a policy of facilitating foreign trade by reducing the cost and the transaction time. and raising the competitive bar for Indian exports. The Government has given priority to trade facilitation and has taken measures in this direction through the provisions of this policy for the benefit of those involved in the import and export trade.

Manual of Procedures (HBP) – Foreign Trade Policy

Policy 2015-2020 under paragraph 1.03 empowers the Director General of Foreign Trade (DGFT) to give public notices to establish procedures (procedures manual book) which may include schedules and Aayat Niryat forms or amendment to be followed by an exporter or importer. or by any authority for the purposes of implementing the provisions of the Foreign Trade (Development and Regulation) Act, rules and orders promulgated under the provisions of the policy. In this context, a Manual of Procedures was notified by the Director General of Foreign Trade on June 30, 2019. The Manual establishes a simple, transparent and compatible procedure with Electronic Data Interchange for a friendly and efficient management of foreign trade. The manual provided a procedure for electronic applications where it introduced the use of Electronic Data Interchange (EDI) for DGFT.

Notification of extension

Initially, the Procedures Manual was to remain in force until March 30, 2020. However, by Public Notice No. 48/2015-2020 of March 31, 2021 which extended the date mentioned in paragraph 1.01 of the Manual by replacing the current date with September 30, 2021. Recently, the DGFT issued another public notice for the extension of the effect of the Procedures Manual. Notification 25/2015-2020 modified 3 paragraphs of the Manuals and extended the relevant dates. In paragraph 1.01 of the manual, it replaced “will remain in force until September 30, 2021” with “will remain in force until March 31, 2022”. A further extension of date is provided for in paragraph 3.20. The validity of “status certificates” issued under the foreign trade policy has been extended until March 31, 2022. This certificate was previously valid for up to five years from the date of application for recognition or the 30 september. 2021, whichever is later.

Pursuant to paragraph 4.12(vi), the date of September 30, 2021 is replaced by March 31, 2022 for the purposes of standards ratified by any standards committee of the O/DGFT on or after 01.04.2015 with respect to any prior authorization obtained under clause 4.07. These standards are valid for the entire period of the foreign trade policy which has now been extended until March 31, 2022.

Conclusion

The Procedures Manual establishes such a procedure for carrying out the transactions necessary to facilitate import and export trade. Due to the extension of the duration of the foreign trade policy, compliance with the rules of the manual has also been extended for the essential period. The manual and accompanying regulations are valid until March 31, 2022. The procedure has introduced e-governance within DGFT and introduced many programs for the welfare of import and export industries .

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