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CS Executive · Economic, Commercial and Intellectual Property Laws · Foreign Trade Policy and Procedure

Under the Foreign Trade (Development and Regulation) Act, 1992, how is the foreign trade policy formulated and announced?

The Central Government formulates and announces the foreign trade policy by notification in the Official Gazette, from time to time, and may amend it in the same manner. It does not require a fresh Act of Parliament or an RBI circular.

  1. ABy the Central Government, by notification in the Official Gazette, and it may be amended in like mannerCorrect
  2. BBy the Director General of Foreign Trade through a public notice only, with no Gazette publication
  3. CBy Parliament passing a separate Act every five years
  4. DBy the Reserve Bank of India through a master circular

Explanation

Section 5 empowers the Central Government to formulate and announce the foreign trade policy from time to time by notification in the Official Gazette, and to amend it in like manner. The Director General and RBI are not the formulating authority under this section, and no Act of Parliament is required.

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