DGFT India: Regulating the Import and export Trade of India

Those who are enjoying import export trading are very aware of the term DGFT India that stands for Director General of Foreign Trade, India. Functioning underneath the Ministry of Commerce and Industry, it is one amongst the most important authorities, which is solely contributing to framing the policies regarding export and import in India. Promoting export and import related activities associated with country are one from the major objectives of this organization. To fulfill the purpose it formulates and implements various trading policies and guidelines regarding foreign trade for example – Foreign trade Policy or the Exim Policy, etc.

The DGFT Delhi may be the Zonal Office (North Zone) that has nine Regional offices under its legal system. DGFT Delhi is engaged in providing benefits to the Exporters/Importers by way of many schemes available as per Export-Import Policy. The prime objective of this department is to promote or facilitate trade related information, and to provide accurate and reliable information in public areas domain that can simply be used by numerous trading communities within the country and abroad.

Following is the connected with some of the major wings of DGFT India that takes care of numerous activities related to the department:

Duty Exemption Scheme

Export Promotion Capital Goods

Cash Assistance, Appeal E.O. Cell

Drawback

Policy Division

Policy Cell

Policy Research and Analysis

Restricted Import Licensing

Enforcement cum Adjudication

Statistics Division

Human Resources Development

National Informatics Centre-NIC

DGFT Software Technology Parks in India

DGFT Special Economic Zones

DGFT Export Oriented Units (EOUs) in India

Some for the major activities of this authority that are mandate for import export traders include:

Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which is often a primary requirement for any company or venture capitalist seeking to do move in The indian subcontinent. The IEC code can be obtained in the regional offices by applying through post or via an online form. One could check for his/her application status the particular website of DGFT.

It maintains and updates HS Code Lists – HS Codes list from the Directorate is a unique numerical code assigned to numerous products and commodities for import export trading. This code is usually recommended while shipping commodities 1 country yet another. In short it can be a particular number assigned to particular products used as describing goods in the import export trading staging.

It issues new trading policies and updates the existing ones- It lays around the Documents required for Import Export Code Registration Online framework upon which traders and firms pursue cross border forex trading. Most of the policies and guidelines related to import export trading are framed this particular board. Besides this, additionally, it regulates the trade by imposing guidelines.

Whenever the Directorate makes any new amendment or introduces a replacement clause to any preexisting policy, the amendment notification is flashed on the internet also. It is important for all of the members of the international trading community to keep a tab on all these important cards. You can easily get consideration announcements of DGFT India on Infodrive India, a respected export import database net site.