Those who are involved in import export trading are very well 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 among the most important authorities, which is solely contributing to framing the policies regarding export and import in India. Promoting export and import related activities a 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 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 easily 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 man activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal Elizabeth.O. Cell
Policy Research and Analysis
Restricted Import Export Code Application Online India 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 this 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 from the directorate, which is really a primary desire for any company or venture capitalist endeavoring to do foreign trade in India. The IEC code can easily be obtained from regional offices by applying through post or via an online application. One could check for his/her application status on the website of DGFT.
It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is a numerical code assigned to numerous products and commodities for import export trading. This code is usually recommended while shipping commodities from country yet another. In short it is really 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 present ones- It lays around the required 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, in addition, it regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces a fresh clause to your preexisting policy, the amendment notification is flashed through the internet as well. It is very important for all the members of the international trading community to keep a tab on all these important posters. You can easily get upgrade announcements of DGFT India on Infodrive India, a prominent export import database internet page.