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In exercise of the powers conferred under Section 5 of the Foreign Trade (Development and Regulation Act), 1992 (No. 22 of 1992), the Central Government hereby notifies the Export and Import Policy for the period 1997-2002.

This Policy shall come into force with effect from 1st April, 1997 and shall remain in force for a period of five years, i.e, upto 31st March, 2002 and will be co-terminus with the Ninth Five Year Plan (1997-2002).

The Central Government reserves the right in public interest to make any amendments to this Policy in exercise of the powers conferred by section 5 of the Act. Such amendment shall be made by means of a Notification published in the Gazette of India.

Any Notifications made or Public Notices issued or anything done under the previous Export/Import policies, and in force immediately before the commencement of this Policy shall, in so far as they are not inconsistent with the provisions of this Policy, continue to be in force and shall be deemed to have been made, issued or done under this Policy. Licences issued before the commencement of this Policy shall continue to be valid for import/ export of the items permitted therein unless otherwise stipulated.

In case an export or import that is permitted freely under this Policy is subsequently subjected to any restriction or regulation, such export or import will ordinarily be permitted notwithstanding such restriction or regulation, unless otherwise stipulated, provided that the shipment of the export or import is made within the original validity of the irrevocable letter of credit established before the date of imposition of such restriction.