Draft ITC(HS) Based Export Policy 2019 Released
The Commerce Ministry has come out with a comprehensive draft of the export policy that includes product-specific rules to provide a ready reckoner for exporters.
“Based on inputs received from various partner government agencies, it is proposed to bring out a comprehensive exports policy for all ITC (HS) tariff codes (including items which are ‘free’ for export and do not currently exist in the policy), covering conditions/restrictions imposed by partner government agencies on exports,” the Directorate General of Foreign Trade said.
The draft policy is aimed at consolidating the export norms for each product as applicable at different government agencies.
ITC-HS Codes are Indian Trade Clarification based on Harmonised System of Coding. It was adopted by India for import-export operations. Every product has been accorded an eight digit HS code.
The compendium will help an exporter know all the applicable norms pertaining to a particular product.