The Director General of Foreign Trade (DGFT) under the Ministry of Commerce is the apex body regulating imports and exports and ensuring that trading is in compliance with the Foreign Trade Policy (FTP), Foreign Exchange Management Act, 1999 (FEMA). The FTP of 2015-2020 is still in effect, as it had been extended till 31st March 2021, and a new FTP will come into force in April of 2021. The FTP of 2015-2020 took various steps to streamline import-export compliance requirements by digitizing various compliances and creating a better structure for redressal of complaints and disputes. Exports and imports to and from India are free unless the products or services are prohibited, restricted, or differently classified under the Indian Trade Classification (Harmonized System) of Exports and Imports. [ITC (HS)] The ITC (HS) provides a classification code for such goods according to their groups or sub groups. The classification by ITC (HS) is aligned at the 6 digit level with the International Harmonized System of Goods Nomenclature maintained by the World Trade Organization. The schedules of the ITC (HS) also lays down the import and export policies of India. For importing and exporting to and from India, traders will be required to obtain the Importer Exporter Code (IEC), prior to starting operations. The IEC is also issued based on the Permanent Account Number (PAN), and so all traders including foreign entities will have to obtain a PAN first.
EC and CC are the Encumbrance Certificate and Completion certificate.»Proceed