Those who are connected import export trading are aware of the term DGFT India that stands for Director General of Foreign Trade, India. Functioning under the Ministry of Commerce and Industry, it is one of the most important authorities, which is solely liable for framing the policies regarding export and import in India. Promoting export and import related activities in country are one of this major objectives of this organization. To fulfill the intention of 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 will be the Zonal Office (North Zone) that has nine Regional offices under its jurisdiction. DGFT Delhi is engaged in providing benefits to the Exporters/Importers by way a lot of 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 places domain that can be easily used by numerous trading communities within the country and abroad.
Following is the report on some of the major wings of DGFT India that takes care of man activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal A.O. Cell
Policy Research and Analysis
Restricted Import Licensing
Enforcement cum Adjudication
Human Resources Development
National Informatics Centre-NIC
DGFT Software Technology Parks in India
dgft IE Code Registration Online India Special Economic Zones
DGFT Export Oriented Units (EOUs) in India
Some for the major activities of this authority which usually are mandate for import export traders include:
Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which can be a primary requirement for any company or venture capitalist seeking to do move in The indian subcontinent. The IEC code can sometimes obtained from the regional offices by applying through post or with an online application form. One additionally be check for his/her application status on the website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a unique numerical code assigned to be able to products and commodities for import export trading. This code is usually recommended while shipping commodities in one country an additional. In short it is a particular number assigned to specific products useful for describing goods in the import export trading program.
It issues new trading policies and updates the existing ones- It lays along the required framework upon which traders and companies pursue cross border forex. Most of guidelines and guidelines related to import export trading are framed by this board. Besides this, what’s more, 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 too. It is important for the members of the international trading community to have a tab on all these important reports. You can easily get the latest announcements of DGFT India on Infodrive India, a respected export import database world wide web.