What is Exports and Imports –‘Free’,unless regulated ? (CS Executive – FEMA)
(a). Exports and Imports shall be ‘Free’ except when regulated by way of ‘prohibition’, ‘restriction’ or ‘exclusive trading through state Trading Enterprises (STEs)’ as laid down in india Trade Classification (Harmonished system) [ITC (HS)] of Exports and Imports.
(b) Further, there are some items which are ‘free’ for import /export, but subject to conditions stipulated in other Acts or in law for the time being in force.
(According to CS Executive – FEMA)