DGFT India: Regulating the Import export Trade of India
Those who are enjoying 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 associated with country are one of this major objectives of this organization. To fulfill on the road it formulates and implements various trading policies and guidelines regarding foreign trade for example – Move Policy or the Exim Policy, etc.
The DGFT Delhi could 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 various 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 sometimes 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 a lot of activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal Ourite.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 are usually mandate for import export traders include:
Issue of IEC Code Online Application India number – IEC stands for Importer Exporter Code from the directorate, which can be a primary requirement for any company or venture capitalist wanting to do move in The indian subcontinent. The IEC code can easily be obtained from the regional offices by applying through post or with an online application form. One additionally be check for his/her application status in the website of DGFT.
It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is from the numerical code assigned to numerous products and commodities for import export trading. This code is mandatory while shipping commodities 1 country to an alternative. In short it is often a particular number assigned to particular products used for describing goods in the import export trading staging.
It issues new trading policies and updates the existing ones- It lays around the required framework upon which traders and firms pursue cross border forex. Most of the policies and guidelines related to import export trading are framed by this 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 for any preexisting policy, the amendment notification is flashed through the internet as well. It could be very important for the people in the international trading community to have a tab on all these important cards. You can easily get the latest announcements of DGFT India on Infodrive India, a prominent export import database internet page.
