Role of DGFT in implementation of Foreign Trade Policy & limitation of its powers
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- Last Updated on 1 March, 2022
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Shankey Agrawal & Vansh Vermani – [2022] 135 taxmann.com 351 (Article)
The Foreign Trade Policy (FTP) is an important policy document, which governs various facets of foreign trade, including procedure, policies, incentives etc. Foreign Trade (Development and Regulation) Act, 1992 (FTDR Act) was enacted with the primary objective of establishing a sound framework for the development and regulating of foreign trade in the country for facilitation of imports and augmentation of exports, as well as all other matters connected to the issue.
In the entire statutory and regulatory scheme, the Directorate General of Foreign Trade (DGFT) has been assigned a central role. In the present Article, the authors wish to explore various facets of functions and responsibilities assigned to DGFT in carrying out the implementation of the provisions of the FTDR Act and FTP as well as express and judicially imposed limitations on such powers.
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