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prohibition of export export of all goods either directly or indirectly to any place outside india other than nepal and bhutan is prohibited unless
foreign exchange regulation concerning exports export of goods is the most important foreign exchange earner for the country and the law provides
scope of the act the foreign exchange regulation act covers the types of transaction having international financial implications broadly the
administration of the act the exchange control policy is determined in india by the ministry of finance government of india on the basis of the
statutory basis exchange control was introduced in india with the outbreak of second world war on september 3 1939 this was done by virtual of the
objectives of exchange control most of the developing countries including india found it necessary to continue exchange control introduced during
exchange control exchange control means official intervention with the foreign exchange of a country it is a system of rationing foreign exchange
foreign exchange transactions a foreign exchange transaction is ultimately the purchase or sale of one national currency against another arising out
foreign exchange foreign exchange as defined under foreign exchange regulation act 1973 is foreign currency and includesi all deposits credit and
introduction exchange control is another important area of international trade the term exchange control applies to the rules and regulations
objectivesafter studying this unit you should be able to1 explain the objectives of exchange control2 describe the principal provisions of foreign
legal perspective besides commercial necessity documents for exports have a legal perspective all over the world laws regulating export-import trade
commercial perspective trade between two business firms located in different countries begins with the conclusion of an export contract under the
need and rationale export documentation is commonly considered to be the most complex and difficult part of overseas marketing you may have come
introduction in the previous we learn the importance and the role of experts in a developing country like india as well as the policy framework in
after studying this unit you should be able to i describe the reasons for documentation in export trade1 explain functions of different kinds of
methods of dispute settlement there are many reasons due to which a dispute may arise between an exporter and an i importer a common cause for
frustration of contracts there can be several factors beyond the control of the parties to a contract which makes the performance of contractual
special contracts you have learnt that the applicable law can be the law of either party or that of a third party it will be the indian contracts
general conditions in export contracts export contract refers to the subject matter of the contract in addition the contracts also mention the
rights and duties under principal incoterms you have learnt various incoterms let us now discuss in brief the provisions for the two major terms viz
international contract terms since in international transactions traders are from diverse nations specific term should be interpreted in a similar
distinction between domestic sales contract and export sales contract a major point of distinction between a domestic and export contract lies in
form of contract there are no universally acceptable norms as to the form of export contracts it need not be a formal document signed by both the
nature of export sales contract contract is a legal concept it has been defined in the section 2h of the indian contract act the other party without