Foreign Trade Policy – Test 2

If an exporter fails to realise export proceeds within time specified by ———– he shall be liable to action in as per FT(D&R) Act, rules, orders and provisions of FTP.

No seizure of stock shall be made by any agency so as to disrupt manufacturing activity and delivery schedule of exports.

Seizure should be lifted within ——— days unless the irregularities are substantiated.

Authorization for ———- of samples is required only in case of vegetable seeds, bees and new drugs.

Samples of tea upto Rs. ———- (CIF) per consignment will be allowed without authorization.

Samples upto Rs. ——– can be imported by all exporters without duty.

Export of bona fide trade and technical samples of freely exportable item shall be allowed without any limit.

In case of export of samples of restricted items, application should be made to.

Import of gifts shall be permitted where such goods are otherwise freely importable under ITC(HS).

In case of import of goods which are not freely permissible otherwise a Customs Clearance Permit (CCP) shall be required from ———–

Goods, including edible items, of value not exceeding Rs. —— in a licensing year, may be exported as a gift

Any person may import goods, except prohibited items, arms and ammunition, hazardous waste and chemicals and warehouse them in Private/ public bonded warehouses

If imported warehoused goods are not cleared for home consumption within ——- year or extended period, importer shall re-export the goods

Private bonded warehouses set up exclusively for exports shall be entitled to procure goods from domestic manufacturers without payment of duty

Supplies made by a domestic supplier to such notified warehouses shall be treated as physical exports provided payments are made in ————

Duty Exemption scheme consist of  ————-

Reward scheme consist of :

Duty Scrips can be used for :
A) payment of customs duties on import of inputs/goods
B) payment of excise duties on domestic procurement of                      inputs/goods including capital goods
C) payment of service tax on procurement of services

Duty Scrips are transferable :

Under MEIS, exports of notified goods/products to notified markets shall be eligible for reward at the specified rate(s) on lower of a) on realised FOB value of exports in free foreign exchange or b) on FOB value of exports as given in the Shipping Bills in free foreign exchange :

Exports of handicraft items, handloom products,books/periodicals, leather footwear, toys and tailor made fashion garments through courier using ecommerce of FOB value upto Rs. ———- per
consignment shall be entitled for rewards under MEIS:

A service provider (with active IEC at the time of rendering services) located in India, providing notified services rendered in the specified manner shall be eligible for reward at the notified rate(s) on net foreign exchange earned provided the minimum net free foreign exchange earnings of such service provider in the year of rendering service is: a) individual service providers and sole proprietorship : $ 10,000 b) other service providers : $ 15,000 :

Under Advance Authorization scheme ——— which are used in the export product can be imported without payment of customs duty :

Advance Authorization is issued for inputs in relation to the resultant product on the basis of SION:

The goods imported under Advance Authorization are exempt from basic customs duty, additional customs duty, education cess, antidumping duty and safeguard duty, Integrated Tax and Compensation Cess.:

Minimum Value addition under Advance Authorization is.:

Under Advance Authorization inputs will not be transferable even after completion of export obligation.:

DFIA shall be issued on post export basis for products for which SION have been notified:

The goods imported under DFIA are exempt ONLY from ——–

Minimum Value addition under DFIA is.: