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Notification
1.1 In exercise of the powers conferred under section 5 of the
Foreign Trade
(Development and Regulation Act), 1992 (No. 22 of 1992), the Central
Government hereby notifies the Export and Import Policy for the
period 1997-2002.
Duration
1.2 This Policy shall come into force with effect from 1st April,
1997 and shall remain
in force for a period of five years, i.e, upto 31st March, 2002 and
will be co-terminus
with the Ninth Five Year Plan (1997-2002).
1.3 The Central Government reserves the right in public interest to
make any
amendments to this Policy in exercise of the powers conferred by
section 5 of the Act.
Such amendment shall be made by means of a Notification published in
the Gazette of India.
Transitional
Arrangements
1.4 Any Notifications made or Public Notices issued or anything done
under the
previous Export/Import policies, and in force immediately before the
commencement of this Policy shall, in so far as they are not
inconsistent with the provisions of this Policy, continue to be in
force and shall be deemed to have been made, issued or done under
this Policy. Licences issued before the commencement of this Policy
shall continue to be valid for import/ export of the items permitted
therein unless otherwise stipulated
1.5 In case an export or import that is permitted freely under this
Policy is
subsequently subjected to any restriction or regulation, such export
or import will
ordinarily be permitted notwithstanding such restriction or
regulation, unless otherwise stipulated, provided that the shipment
of the export or import is made within the original validity of the
irrevocable letter of credit established before the date of
imposition of such restriction.