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CMA Final · Indirect Tax Laws and Practice · Export Promotion Schemes under Foreign Trade Policy

Under the Foreign Trade (Development and Regulation) Act, 1992, who may formulate and announce the foreign trade policy, and in what manner?

The Central Government formulates and announces the foreign trade policy, and may amend it, by notification in the Official Gazette. The Act does not give this power to the DGFT through circulars, the RBI or any board, so the Central Government's gazette notification is the correct mode.

  1. AThe Director General of Foreign Trade, by a public circular
  2. BThe Central Government, by notification in the Official GazetteCorrect
  3. CThe Board of Trade, by a resolution
  4. DThe Reserve Bank of India, by a master direction

Explanation

Section 5 provides that the Central Government may from time to time formulate and announce the foreign trade policy by notification in the Official Gazette, and may amend it in like manner. The Director General only administers it, so a circular from the DGFT is not the stated mode.

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