The Directorate General of Foreign Trade ( DGFT ) has issued a notification to update Schedule-II (Export Policy) of ITC(HS) 2022, syncing it with the Finance Act 2024. This significant update includes revisions to export policies and conditions to simplify trade practices and ensure regulatory compliance.
The notification has been issued under the powers confined under Section 3 and Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, also read in paras 1.02 and 2.01 of the Foreign Trade Policy 2023.
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The revised Schedule-II (Export Policy) will include all the current export regulations for the Indian Tade Classification (Harmonized System) [ITC(HS)] codes, along with which specific conditions attached to these codes have also been incorporated. General Notes accompanying the export policy have also been updated to align with the revised Schedule II.
The revised Schedule II (Export Policy) and the General Notes can be accessed through the DGFT’s official website(https://www.dgft.gov.in/CP/).
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