DGFT India: Regulating the Import and export Trade of India

Those who are connected import export trading are very well 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 considered one of the most important authorities, which is solely given the task of framing the policies regarding export and import in India. Promoting export and import related activities in the country are one from the major objectives of this organization. To fulfill extra 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 authority. DGFT Delhi is engaged in providing benefits to the Exporters/Importers by way of numerous 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 sometimes 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 St.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 of the major activities of this authority that happen to be mandate for import export traders include:

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

It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is a good numerical code assigned to various products and commodities for import export trading. This code is Documents required for IEC Code Registration India while shipping commodities from country yet another. In short it is a particular number assigned to a particular products employed for describing goods in the import export trading platform.

It issues new trading policies and updates the existing ones- It lays along the required framework upon which traders and firms pursue cross border buying and selling. Most of the policies and guidelines related to import export trading are framed this particular board. Besides this, you’ll find 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 through the internet too. It is very important for all the folks the international trading community to have a tab on all these important cards. You can easily get consideration announcements of DGFT India on Infodrive India, a leading export import database internet page.