The Foreign Trade (Development and Regulation) Act, 1992

Here is the summary in 150-200 words:

The Foreign Trade (Development and Regulation) Act, 1992, is an act that provides for the development and regulation of foreign trade by facilitating imports into India and augmenting exports from India. The act aims to create a framework for the promotion of export-oriented industries and to regulate imports and exports.

Key provisions of the act include:

• The power of the Central Government to make orders and announce foreign trade policy.


• Powers to make provision relating to imports and exports.


• Importer-exporter Code Number and licence.


• Quantitative restrictions on exports.


• Search, seizure, penalty, and confiscation.


• Controls on export of specified goods, services, and technology.

The act also provides for the appointment of a Director General of Foreign Trade and other authorities to implement the provisions of the act. It aims to promote the country's foreign trade and to ensure that it is conducted in a fair and transparent manner.