The Commerce Ministry's arm DGFT on Monday updated the export policy for all products, specifying detailed conditions for each item to enhance the ease of doing business in the country.

Earlier specific policy conditions were only outlined for goods which were subject to certain restrictions or fell under some norms.

"Schedule-II (Export Policy)' in sync with Finance Act 2024 dated August 16, 2024, has been notified," the directorate general of foreign trade (DGFT) said in a notification.

The updated schedule contains the current export policy of all ITC (HS) codes, along with specific policy conditions (if any) to be fulfilled, it added.

 An official said this would help in knowing policy conditions for all the products.

In international trade parlance, every product is categorised under the Indian Trade Classification (Harmonised System) - ITC (HS). It helps in the systematic classification of goods across the globe.

Source: Business Standard 

#theshippingtribune #latestnews #shippingnews #dailynews #Maritimenews #shippingindustry