Foreign Trade (Development and Regulation) Act, 1992.

This Act is enacted to provide for the development and regulation of foreign trade by facilitating imports into, and augmenting exports from, India.
No person shall make any import or export except under an Importer-exporter Code Number granted by the Director General or the officer authorised by the Director General in this behalf. Without prejudice to anything contained in any other law, rule, regulation, notification or order, no permit or licence shall be necessary for import or export of any goods, nor any goods shall be prohibited for import or export except, as may be required under this Act, or rules or orders made thereunder.
The Act further makes proviisons, inter alia, for: powers of central government to make provisions on imports and exports and to impose quantitative restrictions, controls on export of specified goods, services and technology, penalties, etc.