DGFT Introduces Comprehensive Export Policy Aligned With Finance Act 2024

Date

1/14/2025 2:13:12 PM

(MENAFN- KNN India)
New Delhi, Jan 14 (KNN) India’s Commerce Ministry has launched a comprehensive update to its export policy framework, marking a significant shift in how trade conditions are documented and communicated.

The Directorate General of Foreign Trade (DGFT) announced on Monday that the new policy now explicitly details conditions for all export items, streamlining the process for businesses engaged in international trade.

The revised framework, officially titled ‘Schedule-II (Export Policy)’ and aligned with the Finance Act 2024, represents a departure from previous practices where specific conditions were only outlined for restricted goods or those under special regulations.

This update encompasses the complete Indian Trade Classification (Harmonised System) – ITC (HS) codes, providing clear policy guidelines for every product category in India’s export ecosystem.

Commerce Ministry officials indicate that this systematic approach will benefit exporters by providing immediate access to policy requirements for any product.

The ITC (HS) classification system, which serves as a standardised method for categorising goods in global trade, remains central to the new policy structure.

This comprehensive documentation is expected to enhance transparency and facilitate smoother international trade operations for Indian businesses.

(KNN Bureau)

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