DGFT India: Regulating the Import export Trade of India

Those who are connected import export trading are aware of the term DGFT India that stands for Director General of Foreign Trade, India. Functioning the particular Ministry of Commerce and Industry, it is considered 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 country are one with the major objectives of this organization. To fulfill the purpose 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 jurisdiction. DGFT Delhi is engaged in providing benefits to the Exporters/Importers by way quite a few 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 be 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 of numerous activities related to the department:

Duty Exemption Scheme

Export Promotion Capital Goods

Cash Assistance, Appeal Elizabeth.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 for the major activities of this authority which usually are mandate for import export traders include:

Issue of IEC number – IEC stands for Importer Exporter Code from the directorate, which is really a primary requirement for any company or venture capitalist needing to do upload in Of india. The IEC code can easily be obtained from regional offices by applying through post or through an online application. One additionally check for his/her application status the particular 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 one country option. In short it can be a particular number assigned to particular products employed for describing goods in the import export trading site.

It issues new trading policies and updates the existing ones- It lays about the required framework upon which traders and companies pursue cross border forex. Most of guidelines and guidelines related to import export trading are framed by this board. Besides this, it also regulates the trade by imposing the policies.

Whenever the Directorate makes any new amendment or introduces a whole 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 have a tab on all these important reports. You can easily get achievable will give you announcements of DGFT India on Infodrive India, a prominent export import database domain.