The Commerce Ministry has come out with a comprehensive draft of the export policy that includes product-specific rules to provide a ready reckoner for exporters.

The draft policy is aimed at consolidating the export norms for each product as applicable at different government agencies.

The compendium will help an exporter know all the applicable norms pertaining to a particular product, helping him/her understand policy conditions for that item.

Rationale behind the policy
Every product has been accorded eight digit HS codes.

This exercise is for consolidating the norms and not for making any changes in the existing export policy of the country. The DGFT said that the updated draft had been prepared by including all existing policy conditions, all notifications and public notices issued after January 2018.

Besides, it also includes non-tariff regulations imposed by different government agencies.

(Source:https://www.thehindu.com/business/Industry/draft-export-policy-unveiled/article27267247.ece)