The export-import policy (EXIM policy) governs the import of goods into and export of goods out of India. The EXIM policy is framed every five years, but changes are made in annual revisions in the policy and notifications issued from time to time.
India’s present five-year trade policy (The EXIM policy for April 1st 2002 to March 31st 2007) has greatly liberalised imports and exports.
There has been a steady liberalisation of India’s import and export regulations over the past few years. Most of the quantitative restrictions, licensing and discretionary controls over imports and exports have been replaced through deregulation, procedural simplification, and protection through tariffs and exchange rates. The fully itemised export and import policy is contained in the International Trade Commission’s Harmonised System of classifications published by the Director-General of Foreign Trade at the Ministry of Commerce.
