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- The Commerce Ministry has released a draft export policy.The draft policy is aimed at consolidating the export norms for each product as applicable at different government agencies.
- Every product has been accorded eight digit HS codes. ITC(HS) codes are better known as Indian Trade Clarification (ITC) and are based on the Harmonized System (HS) of Coding.
- These codes were adopted in India for import-export operations.Indian customs department uses an eight digit ITC(HS) code to suit the national trade requirements.
- These coding will help an exporter know all the applicable norms pertaining to a particular product helping him understand policy conditions for that item.
- Exim Policy or Foreign Trade Policy is a set of guidelines and instructions established by the Directorate General of Foreign Trade(DGFT) in matters related to the import and export of goods in India.
- Foreign trade in India is guided by the EXIM Policy of the Indian Government and is regulated by the Foreign Trade Development and Regulation Act,1992.
- The Directorate General of Foreign Trade (DGFT) is an agency of the Ministry of Commerce and Industry of the Government of India responsible for administering laws regarding foreign trade and foreign investment in India.
