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LL.M. Part – I – Semester- IIMax. Mark: 100 Min. Marks: 40Group – C:BUSINESS LAWSLAW OF EXPORT IMPORT REGULATIONObjectives of the courseAfter independence India has embarked upon all round efforts to modernize hereconomy through developmental ventures. Greater and greater emphasis is placedon increase of production in both industrial and agricultural sectors. Besides, therewas the ever- pressing need for raising capital for investment of capital. Theprocess of modernization necessitated the adoption of never technologies forindustry and agriculture. These technologies had to be borrowed from otherdeveloped countries. This in turn, needed foreign exchange, which could beearned by the increased exports of goods and raw materials from India.The need for accelerating the export trade of India’s developing economy canhardly be over emphasized. Export earnings enable a developing country tofinance its massive requirements of growth, to maintain its essential imports andthereby stimulate the process of its economic developments. In the words of Prof.V.K. R.V. Rao: "In fact expansion of exports may well be described as an integralpart of the development process, neglect of which can only be at the peril ofdevelopment itself.Increasing exports have been necessitated to meet the growing needs of defence.India is a country rich in natural resources. One of the approaches to combat itseconomic backwardness could be in large-scale production and maximization ofits exportsImport that exports of goods and raw materials is a complex, complicated andintricate activity. It involves elaborate economic, fiscal, budgetary and monetarypolicy considerations. Export and import control policy is also closely connectedwith country’s balance of payment positionThe detailed procedures for imports and exports are provided in the Hand Book.The Union government used to declare its import and export policy for a threeyearperiod. At present they declare that policy for five years. The controls onexports and imports are closely connected with the Foreign Trade Regulation Act1992Syllabus1. Introduction15
Page 4: Max Min Aggregate100 40 50%Group- C
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cjdrmYyk fo'ofo|ky;] Hkksiky cjdrmYyk fo'ofo|ky - Barkatullah ...

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