Bill excludes taxation from 'services' definition, limits import caps for developing countries

This Bill amends the Foreign Trade (Development and Regulation) Act, 1992 to expand the scope of foreign trade regulations to include services and technology, not just goods. It also introduces powers for the Central Government to impose quantitative restrictions on imports to protect domestic industries.

The law affects individuals, businesses, and service suppliers engaged in the import or export of goods, services, or technology. It specifically applies to those holding an Importer-Exporter Code Number, service suppliers intending to benefit from foreign trade policy, and domestic industries potentially affected by import surges.

• Redefines 'import' and 'export' to include services and technology, covering various modes of supply such as commercial presence and movement of natural persons.
• Adds new definitions for 'services', 'service supplier', 'specified goods or services or technology' (related to national security or nuclear status), and 'technology'.
• Establishes that no permit or license is required for import/export of goods, services, or technology unless prohibited or restricted under this Act or related rules.
• Allows the Director General to suspend or cancel an Importer-Exporter Code Number for contraventions, economic offenses, or actions prejudicial to India's trade relations.
• Grants the Central Government the power to impose quantitative restrictions on imports if they cause or threaten serious injury to domestic industry, with specific exemptions for developing countries based on import share percentages.
• Sets a maximum duration of 10 years for quantitative restrictions, with a standard expiry of 4 years unless extended for adjustment purposes.
• Authorizes officers to enter premises, search, inspect, and seize goods, documents, or conveyances related to the import/export of goods, services, or technology.
• Increases penalties for contraventions to a minimum of 10,000 rupees or five times the value of the goods/services/technology, whichever is higher.
• Introduces penalties for submitting forged, tampered, or false declarations or documents to the Director General.

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