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Regulatory Requirements

An entrepreneur, in order to successfully expand and grow his/her business on a sustained basis, must take into account the basic regulatory requirements of the country. These requirements are necessary for the functioning of his/her enterprise in the statutory framework of the country and help him/her to know about his/her rights and responsibilities as well as the challenges that he/she may have to face. The most important regulation relates to the export and import of goods and services that he/she undertakes for expanding his/her business within India and abroad. For it, he/she has to abide by the Foreign Trade (Development and Regulation) Act, 1992 and the EXIM policy announced by the Government from time to time. The Ministry of Commerce and Industry is the most important organ concerned with the promotion and regulation of the foreign trade in India. The Ministry has an elaborate organizational set up to look after the various aspects of trade. Within the Ministry, the Department of Commerce is responsible for formulating and implementing the foreign trade policy.

Also, for a business to grow on a sustainable basis, there has to be a healthy and fair competition in the market economy. Accordingly, the Government of India has taken several steps such as announcing competition policy, enacting Competition Act, 2002 and setting up of Competition Commission of India. These aim to prohibit the anti-competitive business practices, abuse of dominance by an enterprise as well as regulate various business combinations like mergers and acquisitions. There is also an ATA Carnet system in place which allows free movement of goods across frontiers and their temporary admission into a customs territory with relief from duties and taxes. The goods under the system are covered by a single document known as the ATA carnet which is secured by an international guarantee system. It permits duty free temporary admission of goods into a member country without the need to raise customs bond and fulfillment of other customs formalities in one or a number of foreign countries. Hence, a firm must make all business decisions by considering all such regulatory requirements.

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