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CA Final · Indirect Tax Laws · Foreign Trade Policy

The Government plans to amend the Foreign Trade Policy 2023 urgently. Under paragraph 1.07(A), which statement about consultation with stakeholders is correct?

Consultation is discretionary. The Government may seek views from importers, exporters and experts, giving about 30 days where possible, but it reserves the right to formulate or amend Foreign Trade Policy provisions suo moto without consulting stakeholders, as provided in paragraph 1.07(A).

  1. AConsultation is mandatory, with a fixed 60-day period for every amendment
  2. BThe Government may seek stakeholder views, ideally allowing 30 days where possible, but may amend suo moto without consultationCorrect
  3. CThe Government can never amend the policy without Parliament's approval
  4. DOnly exporters, not importers, may be consulted

Explanation

Paragraph 1.07(A) says the Government may seek views from stakeholders, including importers, exporters and industry experts, and to the extent possible provide 30 days. It also reserves the right to formulate or amend provisions suo moto without such consultation. So consultation is not mandatory and no 60-day period applies.

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