Foreign Trade Policy – Test 1

The term main legislation of FTP is ———-

The Administration of FTP consist of :
A) Director general of FTP
B) CBEC
C) RBI
D) State VAT Departments

Indian custom uses ———– digit ITC-HS Codes to suit the national trade requirements

The ITC (HS) codes are divided into ——— schedules

ITC (HS) I relates to =========

ITC (HS) II relates to ————

The Powers of DGFT includes:

The Powers of DGFT includes:

Every Authorization shall be valid for prescribed period of validity and shall contain such terms and conditions as may be specified by  ———

The mandatory documents for export of goods from India is:
A) Bill of Lading/Airway Bill/Lorry Receipt/Railway Receipt/Postal Receipt
B) Commercial Invoice cum Packing List
C) Shipping Bill/Bill of Export

The mandatory documents for import if goods into India is:
A) Bill of Lading/Airway Bill/Lorry Receipt/Railway Receipt/Postal Receipt
B) Commercial Invoice cum Packing List
C) Bill of Entry

All imported goods shall also be subject to domestic laws, rules, orders, regulations, technical specifications, environmental and safety norms as applicable to domestically produced goods unless
specifically exempted

Violations would cover situations when import or export has been made by unauthorized persons who are not legally allowed to carry out import or export or when any person carries out or admits to carry out any import or export in contravention of the basic FTP

IEC number can be cancelled by the office of ———and thereupon that exporter or importer would not be able to transact any business in export or import

Import Export Code is a unique ———-digit code issued by DGFT.

IEC is mandatory to export any goods out of India or to import any goods into India unless specifically exempt

GSTIN would be used for the purpose of:

Import of second hand capital goods, including refurbished/ reconditioned spares shall be allowed

After completion of projects abroad, project contractors may import, without an Authorization, goods including capital goods used in the project provided they have been used for at least ——- year

———–approval is required for import under lease financing

Goods already imported/ shipped/ arrived, in advance, but not cleared from customs may also be cleared against an Authorization issued subsequently

Whenever goods are imported duty free or otherwise specifically stated, importer shall execute

Warranty spares (whether indigenous or imported) of plant, equipment, machinery, automobiles or any other goods, [except restricted] may be exported along with main equipment or subsequently, but within contracted warranty period of such goods subject to approval of ———-

In case of third party exports shipping bills shall indicate name of ————

In case of third party exports BRC, GR declaration, export order and invoice should be in the name of ———–

Export to notified countries will be permitted in Indian rupees subject to at least ———- % value addition.

Goods or parts thereof on being exported and found defective/ damaged may be replaced free of charge by the exporter.

All export contracts and invoices shall be denominated in .

Export proceed shall be realized in:

Export proceeds against specific exports may also be realized in rupees, provided it is through a freely convertible Vostro account of a non resident bank situated in any country other than a member country of Asian Clearing Union (ACU) or Nepal or Bhutan.