Foreign Trade Development and Regulation Act. 1992

The Foreign Trade Development and Regulation Act (FTDRA) was enacted by the Indian government in 1992 to consolidate and amend the law relating to the regulation of foreign trade. The Act provides for the development and regulation of foreign trade, the imposition of restrictions on imports and exports, and the creation of mechanisms to promote exports.

One of the primary objectives of the FTDRA is to facilitate the development of foreign trade by promoting exports and reducing imports. To this end, the Act provides for the establishment of various institutions and bodies, including the Board of Trade and the Export Promotion Councils, to promote and develop foreign trade.

The Act also provides for the imposition of restrictions on imports and exports in certain circumstances, including to protect national security, public health, and the environment. The Act empowers the government to regulate the import and export of goods, including the imposition of duties, taxes, and other restrictions.

In addition to regulating the import and export of goods, the FTDRA also regulates the import and export of services. The Act provides for the regulation of the supply of services from India to other countries and the regulation of the supply of services from other countries to India.

Overall, the FTDRA is an important piece of legislation that provides the legal framework for the development and regulation of foreign trade in India. The Act has played a significant role in promoting exports and reducing imports, while also ensuring that the import and export of goods and services are conducted in a manner that is consistent with national interests.