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Current Import Policy – Open Doors (Mostly)! 🚪

India is no longer a "Closed Economy". You can import almost anything... except a few things.

Classification of Imports 📂

1. Free (OGL)"Open General License. Import freely. (e.g., Laptops, Machinery)"
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2. Restricted"Need License from DGFT. (e.g., Live Animals, Arms)"
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3. Prohibited"BANNED. (e.g., Ivory, Wild Animals, Fake Currency)"
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4. Canalized"Only Govt can import. (e.g., Petroleum, Urea)"

1. Free (OGL) ✅

  • Most goods fall here.
  • You just need an IEC Code and pay the Duty. No special permission needed.

2. Restricted ⚠️

  • Sensitive items.
  • Example: Importing a Drone requires a license (Security risk).

3. Prohibited 🚫

  • Strictly No.
  • Example: Narcotics, Pornography, Tiger Skins.

4. Canalized (State Trading) 🏢

  • "Canal" = Channel.
  • You cannot import it directly. You must go through a Govt Agency (STE).
  • Example: Urea (Fertilizer) is imported only by MMTC/STC to ensure farmers get it at a fair price.
The Laptop Ban (Almost)

Recently, Govt tried to move Laptops from "Free" to "Restricted" to boost local manufacturing. It shows that Import Policy can change overnight!

Quiz Time! 🎯

Test Your Knowledge

Question 1 of 5

1. OGL stands for:

Official Goods List
Open General License
Only Government License
None

💡 Final Wisdom: "Importing is easy today, but 'Free' doesn't mean 'Duty-Free'. You can bring the iPhone, but you still have to pay the tax!" 💸

🎉 UNIT III COMPLETE! You now understand the Rules of the Game (Trade Policy).

Next epic: Unit IV: Foreign Trade & Trade Blocs - The Rise of Global Groups (EU, ASEAN)! 🇪🇺

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