Thomson Reuters Export Controls In India Law and Procedure by AMEETA VERMA DUGGAL & ADITI WRRIER Edition 2021
As the world recovers and continues with life and business in the aftermath of the disruption caused by the pandemic, the fragility of global trade and finance systems have become palpable. The interruptions are likely to present increased opportunities for deliberate and inadvertent malfeasance, amplifying the requirement for renewed and redefined compliance. The inevitable challenges posed in terms of an increased reliance on ITT, remote working, dealing with controlled data, possibly realigned supply chains, due diligence of the new suppliers and customers are begging for an assessment of established processes and even setting up of new processes. In the midst of these challenges, the export compliance teams emerge as key players. India has just found its momentum in the export control regulations arena with its memberships of the multilateral export control regimes coming in quick succession. This was succeeded by the introduction of licensing exemptions and relaxations. Compliance is the fulcrum of the changes being introduced by the regulatory authorities. Lack of information and awareness can thwart compliance. The objective of Export Controls in India is to provide guidance on compliance with a comprehensive analysis of the applicable law and detailed procedures in India for the benefit of the users.