The Foreign Trade (Development & Regulation) Act, 1992 was enacted to provide for the development and regulation of foreign trade by facilitating imports into India and augmenting exports from India and for other connected and Incidental matters. The Central Government has been empowered under this Act to make provision for the development and regulation of imports and exports by facilitating imports and increasing exports. The Central Government may make provision for prohibiting restricting or otherwise regulating, the import or export of goods, in all cases or in specified classes of cases and subject to certain exceptions. The Act provides that all Orders made under the Imports and Export (Control) Act, 1947 and in force immediately before the commencement of this Act shall, so far as they are not inconsistent with the provisions of this Act, continue to be in force and shall be deemed to have been made under this Act. The Act further requires that no person shall make any import or export except under an Importer-exporter Code Number granted by the Director General or the officer authorized by the Director General in this behalf. In exercise of the powers conferred under the Foreign Trade (Development and Regulation) Act, 1992, the Central Government has formulated the Foreign Trade (Regulation) Rules, 1993.
