The Union Ministry of Commerce has released a comprehensive draft export policy with an aim to boost exports from the country.
- The draft details export policy for all ITC (HS) tariff codes including goods that are free to export.
- The exercise is done in consultation with partner government agencies.
- It covers all the export conditions/restrictions imposed by partner government agencies.
- Adopted by India for import-export operations, the ITC-HS Codes are Indian Trade Clarification based on Harmonised System of Coding.
- As per the system, every product will be given an eight-digit HS code.
- The ITC-HS Codes will aid an exporter in understanding the norms and policy restrictions against a particular product.
- The Directorate General of Foreign Trade (DGFT) which released the draft had said that the exercise is not to change the existing export policy but to consolidate the norms.
- The draft includes all the updated norms, notifications, public notices issues in the year 2018.
- It also includes non-tariff regulations imposed by various government agencies.
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- The move is expected to benefit all the exporters by becoming a ready reckoner related to norms and conditions.
- It will also help in digitization.