Government Amends Foreign Trade Policy: DGFT Can Exclude Products from Advance Licence Scheme Under 1992 Act

The Central Government, under the Foreign Trade (Development & Regulation) Act, 1992, has amended the Foreign Trade Policy to empower the Director General of Foreign Trade (DGFT) to exclude certain products from the scope of the Advance Licence scheme. An Advance Licence allows duty-free import of inputs incorporated in export products, including fuel and other consumables. It also permits duty-free import of mandatory spares up to 10% of the CIF value. Licences can be issued based on Standard Input Output Norms (SION), Adhoc norms, or self-declared norms, for physical exports, intermediate supplies, and specific project supplies, including those to UN organizations.

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