Those who are connected import export trading are aware of the term DGFT India that stands for Director General of Foreign Trade, India. Functioning underneath the Ministry of Commerce and Industry, it is one amongst 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 the country are one from the 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 may be the Zonal Office (North Zone) that has nine Regional offices under its legal system. 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 areas domain that can easily be 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 numerous activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal St.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 of the major activities of this authority that are mandate for import export traders include:
Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which is really a primary necessity for any company or venture capitalist endeavoring to do foreign trade in India. The IEC code can be easily obtained of one’s regional offices by applying through post or via an online application. One in addition be check for his/her application status over the website of dgft IE Code Registration Online India.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a distinctive numerical code assigned to numerous products and commodities for import export trading. This code is required while shipping commodities from country option. 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 present ones- It lays over the required framework upon which traders and corporations pursue cross border forex trading. Most of the policies and guidelines related to import export trading are framed this particular board. Besides this, in addition, it regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces fresh new clause to the preexisting policy, the amendment notification is flashed by the internet also. It is very important to find the people in the international trading community to keep a tab on all these important bulletins. You can easily get the latest announcements of DGFT India on Infodrive India, a major export import database world wide web.