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The Ministry of Commerce and Industry has issued an update on India's export policy, which was announced on January 13, 2025. Under the Directorate General of Foreign Trade (DGFT), Schedule-II (Export Policy) of ITC (HS) 2022 is aligned with the Finance Act 2024. All the export rules about ITC (HS) codes are listed in this new policy along with specific conditions followed by the exporters. The intent here is to ease and clear out the exporting procedure so that companies can well determine their respective responsibilities.
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Key changes in export policy
- The new export policy is aligned with the Finance Act 2024. It ensures that all rules and guidelines are relevant and applicable in the present economic situation. Updating the regulations is necessary for smooth trade practices among the sectors.
- The new export policy comes into force at once. Therefore, the exporter can implement it right from now. Swift implementation reflects that the government has indeed been making sincere efforts to ease the business of doing it in India.
- All the present export policies included in this new Schedule II will be available on the DGFT website. This will benefit the business as well as the exporter by providing them with the information for complying with the regulations.
Impact on exporters
It will have a positive impact on the exporters also because clear guidelines and less unnecessary steps make the business ready for international trade. This ensures there are specific conditions for each product. Exporters get a clear understanding of what they are required to do. The plan forms part of an effort to help increase India's exports and further its position in global markets.
In summary, this is a much-needed update to the export policy framework of India. This would keep Schedule II updated with the Finance Act 2024 so that the new legislation affects everything at the earliest possible time. This should, in turn, help streamline processes for exporters and make it easier for them. These steps will not only help businesses but will also strengthen India's commitment to developing a healthy trade environment as it expands its influence into several global markets.
This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of author, not corpseed, and have not been evaluated by corpseed for accuracy, completeness, or changes in the law.
