Those who are in the middle of import export trading are very aware of the term DGFT India that is short for Director General of Foreign Trade, India. Functioning under the Ministry of Commerce and Industry, it is one amongst 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 from the major objectives of this organization. To fulfill medicine 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 will 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 places 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 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 issued by the directorate, which can be a primary desire for any company or venture capitalist wanting to do foreign trade in The indian subcontinent. The IEC code can be obtained from regional offices by applying through post or via an online form. One can also 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 distinctive numerical code assigned to various products and commodities for import export trading. This code is usually recommended while shipping commodities from country yet another. In short it can be a particular number assigned to particular products used as describing goods in the import export trading site.
It issues new trading policies and updates the present ones- It lays about the Documents required for IEC Code Registration India framework upon which traders and companies pursue cross border forex trading. Most of guidelines and guidelines related to import export trading are framed by this board. Besides this, what’s more, it regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces a fresh clause to your preexisting policy, the amendment notification is flashed on internet also. It is very important for all the folks the international trading community to have a tab on all these important announcements. You can easily get in case you announcements of DGFT India on Infodrive India, a prominent export import database domain.