The Director General of Foreign Trade (DGFT) gave a presentation on the highlights of the most recent policy while announcing the new Foreign Trade Policy 2023 (FTP). The highlights were subsequently posted on the DGFT website. However, the FTP’s fine print reveals a number of changes that are not included in the highlights. Here, I deal with a few of them.
Additional items that are not mentioned in the standard input-out norms (SION) will be available under the self-ratification system, which is now extended to exporters holding recognition of two-star export house and above, but additional quantities of the items already mentioned in the SION will not be. Although this clause is more restricted than the previous one, it does make sense.
Choosing whether to conduct audits shall be made by the norms committee rather than the DGFT in circumstances where exporters have chosen the self-ratification plan.
