The DGFT (Directorate general of foreign trade) which is created by Ministry of Commerce and Industry under Foreign Trade Policy.
Facilitating lawful trade while guaranteeing compliance to international trade laws is the main goal of DGFT. Businesses receive Importer-Exporter Codes (IECs) from it, which are required in order to conduct import and export transactions. In order to increase India’s exports and improve its competitiveness in the international market, DGFT also develops and conducts a variety of export promotion programs.
DGFT has implemented FTP with assistance of various departments like reserve bank of India(Rbi), Customs and Excise. A deep to understand the association of various acts and their implementation of FTP. The following laws, acts and regulations are as follows.
- Excise Tariff Act 1985
- Customs Tariff Act 1975
- Central Excise Act 1944
- Customs Act 1962
- Foreign Exchange Mangament Act 1999
- The legal Metrology Act 2009
- Industries Development and Regulation Act 1951
Additionally, in order to protect national interests, preserve economic stability, and adhere to international agreements, DGFT is in charge of enforcing limitations or prohibitions on specific imports and exports. In order to shield domestic sectors from unfair trade practices, it also addresses trade remedies, anti-dumping penalties, and trade obstacles.
As CBEC (Central Board of Excise and Customs) monitor the physical movement of goods inside and outside to keep track . it is statutaory body under department of revenue(dor) controlled by ministry of finance, govt of india
India Central Bank, Reserve Bank of India keep the track of all foreign exchange related transcations under the Foreign Exchange and Management act 1999