Question
Download Solution PDFWhen did the 'Foreign Trade (Development and Regulation) Act' come into force?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is '1992'
Key Points
- Foreign Trade (Development and Regulation) Act, 1992:
- The Foreign Trade (Development and Regulation) Act, 1992, was enacted by the Government of India to streamline and regulate foreign trade in India.
- It replaced the earlier Imports and Exports (Control) Act, 1947, ensuring a more comprehensive and modern framework for foreign trade activities.
- The Act empowers the central government to regulate, restrict, or prohibit the import and export of goods and services to ensure the country’s economic security and development.
- It also provides the legal framework for the issuance of trade licenses, policies, and the enforcement of trade regulations.
- The Act plays a critical role in promoting India’s trade globally by ensuring that foreign trade policies align with international trade agreements and obligations.
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