IDT MCQ — The Foreign Trade Policy (FTP) is formulated and notified by the Central Government in exercise of p

**The Foreign Trade Policy (FTP) is formulated and notified by the Central Government in exercise of powers conferred by which legislation?** A) The Customs Act, 1962 B) The Foreign Trade (Development & Regulation) Act, 1992 C) The Foreign Exchange Management Act, 1999 D) The Export (Quality Control and Inspection) Act, 1963 ✅ **Answer: (B) The Foreign Trade (Development & Regulation) Act, 1992** **Legislation governing FTP — the FT(D&R) Act, 1992.** The Foreign Trade Policy 2023 is notified by the Central Government in exercise of powers conferred under **Section 5 of the Foreign Trade (Development & Regulation) Act, 1992**. This Act provides for the development and regulation of foreign trade and empowers the Government to formulate/amend the EXIM policy and appoint the DGFT. The other statutes are distractors: the Customs Act governs levy and clearance of duty, and FEMA governs foreign-exchange payments/receipts — neither is the source of the FTP. The correct choice is the **FT(D&R) Act, 1992**. _Practise 1000s more free CA Final MCQs 👉 https://conferenza.in/mcqs — and discuss your approach below._