Foreign Trade Policy - to remain in force till amended

By Vijay Kumar

As per para 1.2 of the Foreign Trade Policy, This Foreign Trade Policy 2004-2009 (FTP), incorporating provisions relating to export and import of goods and services, shall come into force with effect from 1st April, 2008 and shall remain in force up to 31st March, 2009 unless otherwise specified.

Now it is amended to read as, "This Foreign Trade Policy (FTP) 2004-2009 (RE-2008), incorporating provisions relating to export and import of goods and services, shall come into force with effect from 1st April, 2008 and shall remain in force 'till further amendments' unless otherwise specified."

Maybe the Commerce Ministry is sure that it will not be able to announce the new FTP by 1st April 2009 and has taken precautions three months in advance, lest they should forget. A good example for Revenue to emulate.

DGFT Notification NO. 70 (RE-2008)/2004-2009, Dated: December 8, 2008