The Foreign Trade Policy is notified for five years with annual supplements generally notified by the Directorate General of Foreign Trade (DGFT). The present Foreign Trade Policy notified in 2015 was valid until 31 March 2020. It was expected to be replaced by a new Foreign Trade Policy effective 1 April 2020.
However, the DGFT has extended the present Foreign Trade Policy by another year, i.e., up to 31 March 2021. Additionally, it also notified relaxation in timelines and procedures for specified export incentive schemes.
The key highlights of the Foreign Trade Policy are listed in this Tax Insight.
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