Those who are in the middle of import export trading are well aware of the term DGFT India that is short for Director General of Foreign Trade, India. Functioning the particular Ministry of Commerce and Industry, it is one of the most important authorities, which is solely responsible for framing the policies regarding export and import in India. Promoting export and import related activities in the 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 – Foreign trade 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 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 domain that can easily be used by numerous trading communities within the country and abroad.
Following is the list of 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
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 among 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 can be a primary necessity for any company or venture capitalist wanting to do move in Of india. The IEC code can easily be obtained of one’s regional offices by applying through post or with an online form. One additionally be check for his/her application status your website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a unique numerical code assigned in order to products and commodities for import export trading. This code is Documents required for Import Export Code Registration Online while shipping commodities in one country yet another. In short it is really a particular number assigned to specific products employed for describing goods in the import export trading place.
It issues new trading policies and updates the present ones- It lays along the required framework upon which traders and firms pursue cross border buying and selling. Most of guidelines and guidelines related to import export trading are framed this particular board. Besides this, in addition, it regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces a new clause to the preexisting policy, the amendment notification is flashed on internet also. It is very important to find the people in the international trading community to have a tab on all these important cards. You can easily get upgrade announcements of DGFT India on Infodrive India, a top export import database internet page.