1. Foreign Trade (Regulation) Rules, 1993 Sec 1 Short title and commencement Sec 2 Definitions Sec 3 Grant of special licence  Where any IEC no is cancelled or suspended, a Special licence is issued if: (i) The denial of issue affects the foreign trade of India, or (ii) It leads to the non-fulfillment of any obligation by India any International agreement (iii) The special licence issued under this section is non- transferable

2. Sec 4 Application for grant of licence Sec 5 Fee  Every application to be accompanied by a fee specified  Fee exempted for: (i) Central, State or any Govt Dept (ii) Local authority for official use (iii) Educational, charitable or missionary institutions  Fee will not be refunded, except: (i) Excess deposit of fees (ii) Fee deposited but no application submitted (iii) Fee deposited in error when that person is exempted from the payment of fees

3. Sec 6 Condition of licence  Licence not transferable, no person to transfer or issue on transfer  Goods exported with the licence shall be the property of the exporter at the time of export  Conditions for issue of licence includes: (i) Goods traded as per provisions (ii) Applicant to comply with the provisions and sign a bond

4.  Every licence for import possess the conditions:  Any import on bilateral agreement with other countries should comply to the conditions of the Memorandum of Understanding Sec 7 Refusal of licence  Contravention of any law relating to customs or foreign exchange  Application does not conform to any provisions of these rules  Application or any supporting documents contain any false or fraudulent statement

5. Canalisation of exports and imports Any action against the applicant (individual or a partner of a partnership firm) is kept pending under the rules Applicant fails to pay penalty imposed under any action Applicant has tampered the licence

6. Sec 8 Amendment of a licence Sec 9 Suspension of a licence - Under Foreign Exchange and Prevention of Smuggling Activities Act, 1974 - When proceedings for cancellation has been initiated

7. Sec 10 Cancellation of licence - Licence obtained by fraud, suppression of facts or mis-representation - Licensee has tampered with the licence in any manner - Licensee has committed a breach of any conditions - Licensee has contravened any law relating to customs or foreign exchange

8. Sec 11 Declaration as to value and quality of imported goods - As per prescription in the Customs Act Sec 12 Declaration as to IEC number - In all required documents Sec 13 Utilization of imported goods - Not to use commodity imported by STC - Not to dispose goods imported by him other than conditions mentioned in the licence

9. Sec 14 Prohibition regarding Making, signing of any declaration, statement or documents - No false declaration Sec 15 Power to enter premises and inspect, search and seize goods, documents, things and conveyance Sec 16 Settlement Sec 17 Confiscation and redemption Sec 18 Confiscation of conveyance