Foreign Trade Policy is formulated
by DGFT , but is administered in close coordination with other agencies.
Important authorities dealing with FTP are:
- Director General Foreign Trade : (www.nic.in/eximpol): DGFT is
the nodal body formulating the Export Import Policy. It works under
the Ministry of Commerce. DGFT has several offices in various parts
of the country which issues licenses, incentives etc based on the
policy formed by the headquarters at Delhi.
- Customs (www.cbec.gov.in)": Customs are responsible for
clearance of export and import goods after their valuation and
examination. Customs follow the policy formed by the DGFT while
clearing the goods. Customs works under the Ministry of Finance.
- Central Excise: (www.cbec.gov.in): Since there is a Central
Excise Duty on almost all the manufactured products, Central Excise
authorities need to be involved for all matters of exports, where
goods have to be cleared without duty. Central Excise works as
Customs Departments at various required places, and has a crucial
role in the procedural aspects. They work under Ministry of Finance.
- Reserve Bank of India (RBI): (www.rbi.org): RBI is the nodal bank
in the country which formulates all the policy related to management
of money, including payments and receipts of foreign exchange. It
also monitors the receipt and payments for exports and imports. RBI
works under the Ministry of Finance.