Those who are linked import export trading are very aware of the term DGFT India that is short for Director General of Foreign Trade, India. Functioning your Ministry of Commerce and Industry, it is can buy the most important authorities, which is solely contributing to 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 the purpose it formulates and implements various trading policies and guidelines regarding foreign trade for example – Upload Policy or the Exim Policy, etc.
The DGFT Delhi is 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 domain that can sometimes used by numerous trading communities within the country and abroad.
Following is the listing of some of the major wings of DGFT India that takes care associated with 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 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 from the directorate, which is a primary requirement for any company or venture capitalist wanting to do foreign trade in The indian subcontinent. The IEC code can be easily obtained of one’s regional offices by applying through post or by using an online application form. One could 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 from the numerical code assigned to various products and commodities for import export trading. This code is usually recommended while shipping commodities 1 country to an alternative. In short it is a particular number assigned to a particular products used as describing goods in the import export trading site.
It issues new trading policies and updates the existing ones- It lays around the Documents required for IEC Code Registration India framework upon which traders and companies pursue cross border getting. Most of the policies and guidelines related to import export trading are framed by this board. Besides this, additionally, it regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces a replacement clause to your preexisting policy, the amendment notification is flashed through the internet also. It is important to find the persons in the international trading community to keep a tab on all these important posters. You can easily get achievable will give you announcements of DGFT India on Infodrive India, a respected export import database internet page.