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International Trade & Customs Law

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International Trade & Customs Law

International Trade & Customs Law

Foreign Trade refers to the exchange of goods and services between countries. It includes all the imports and exports to and from India.

Foreign trade is conducted for the purpose of providing the country with goods and services it lacks in exchange for those that it produces in large quantity. It improves the standard of living of the nation. The market is more competitive because of foreign trade which results in more competitive pricing and brings cheaper products to the consumer.

Custom law is the duty or tax levied on import of goods into and export of goods from India. The amount of custom duty depends upon the provisions of Customs Act 1962 and Custom Tariff Act 1975 and related Customs Rules, Notification, Circulars, Case laws and Annual Union Finance Acts. 

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