Export policy

Context: The Commerce Ministry has come out with a comprehensive draft of the export policy which includes product- specific rules with a view to provide a ready reckoner for exporters.

Highlights of the Draft Export Policy, 2019:

• The draft policy aims at consolidating the export norms for each product as applicable at different 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 compendium will help an exporter know all the applicable norms pertaining to a particular product, helping him/her understand policy conditions for that item.
• Consolidating norms
• This exercise is for consolidating the norms and not for making any changes in the existing export policy of the country. It also includes non-tariff regulations imposed by different government agencies.

Additional facts:

ITC (HS) codes are better known as Indian Trade Clarification (ITC) and are based on Harmonized System (HS) of Coding. It was adopted in India for import-export operations. Indian custom uses an eight digit ITC (HS) code to suit the national trade requirements.

Any changes or formulation or addition of new codes in ITC-HS Codes are carried out by DGFT (Directorate General of Foreign Trade).

Sources: the Hindu.