In India which authority takes purview of import & export:a)EXIMb)RBIc)Ministry of Financed)Ministry of commerceCorrect answer is option 'D'. Can you explain this answer?

Question

Answer

India took a leap forward in improving 'Ease of Doing Business' today by reducing the mandatory documents required for import and export of goods to three documents each. The Directorate General of Foreign Trade (DGFT) issued a Notification to this effect today (Notification Link below).

The Department of Commerce had set up an Inter Ministerial Committee under the Chairmanship of DGFT in July 2014 to study and recommend ways to reduce the number of mandatory documents required for export and import. The Committee held detailed discussions with all stakeholders and the concerned Departments/ Ministries/Agencies and also visited JNPT to study the ground situation and find ways to minimize the number of documents and reduce transaction costs and time for exports and imports. The Committee submitted its 'Trading Across Borders' report to Prime Minister's Office in December 2014.

Answer

The Indian government agency that has its primary function to oversee the flow of exports and imports in their economy would be the Ministry of Commerce. In addition, the minister of the Ministry of Commerce is appointed directly by the Prime Minister of India and its current chief is Nirmala Sitharaman.

Answer

In India, the authority that takes purview of import is the Directorate General of Foreign Trade (DGFT), which functions under the Ministry of Commerce and Industry. The DGFT is responsible for implementing and promoting the foreign trade policies of the Government of India, including regulating and facilitating imports into the country. They issue various policies, notifications, and procedures related to imports, and also issue licenses and permits for specific categories of imports.

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