The current Foreign Trade Policy 2015-2020 has been announced by Government of India on 1st April 2015 under Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 and was applicable till 31st March 2020. Director General of Foreign Trade (DGFT) notifies the hand book of procedures to be followed by Exporters and Importers.
After 5 years Foreign Trade Policy needs amendments on account of changes in export scenarios and to encourage foreign trade. However, it is being updated every year on 31st March so as to make the changes effective from 1st April.
Therefore, the government on 31st March 2020 extended the existing foreign trade policy (2015-20) for one year till March 2021 (earlier valid up to 31.03.2020) amid COVID-19 outbreak and the lockdown to contain the virus spread. (Refer DGFT Notification no. 57/2015-2020 dated 31st March 2020)
Further, it has been stated that, the service categories eligible under the scheme and rates of reward on such services as rendered w.e.f. 1st April, 2019 to 31st March, 2020 shall be notified separately. However, decision regarding continuation of scheme for services rendered w.e.f. 1st April, 2020 will be taken subsequently and notified accordingly.
For all Duty Free Import Authorization (including transferable DFIAs), where the validity of Import is expiring between 01.02.2020 and 31.7.2020. the validity stands automatically extended by 6 months from the date of expiry.