Skip to content

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

Which statement correctly describes how the Central Government announces and changes the foreign trade policy that governs export promotion schemes, per the Act?

The Central Government may formulate and announce the foreign trade policy from time to time by notification in the Official Gazette, and may amend it in the same manner. No fixed period limits amendments, and it does not need an Act of Parliament.

  1. AIt can be formulated only by Parliament through an amendment to the Act
  2. BIt may be formulated and amended from time to time by the Central Government by notification in the Official GazetteCorrect
  3. CIt is announced by the Director General alone without any notification
  4. DIt can be amended only once in five years

Explanation

Section 5 empowers the Central Government to formulate and announce the policy, and to amend it in like manner, by notification in the Official Gazette, from time to time. No five-year limit exists and Parliament's amendment is not required.

Did you get it right without looking?

One question tells you little. A timed set on Foreign Trade Policy and Procedure shows your real accuracy, how long you take and where you lose marks.

Practise Foreign Trade Policy and ProcedureFree diagnostic mock

More Foreign Trade Policy and Procedure questions