DGFT India: Regulating the Import export Trade of India
Those who are linked import export trading are very well aware of the term DGFT India that is short for Director General of Foreign Trade, India. Functioning the actual Ministry of Commerce and Industry, it is considered one of 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 in the 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 – Upload Policy or the Exim Policy, etc.
The DGFT Delhi will be 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 of many 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 report on 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
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 of this major activities of this authority which usually are mandate for import export traders include:
Issue of IEC number – IEC Code Online Application India stands for Importer Exporter Code from the directorate, which is really a primary requirement of any company or venture capitalist trying to do foreign trade in Sweden. The IEC code can often be obtained of one’s regional offices by applying through post or with an online form. One additionally check for his/her application status over the website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a good numerical code assigned to various products and commodities for import export trading. This code is usually recommended while shipping commodities 1 country to an alternative. In short it can be a particular number assigned to a particular products employed for describing goods in the import export trading program.
It issues new trading policies and updates the existing ones- It lays down the required framework upon which traders and firms 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 guidelines.
Whenever the Directorate makes any new amendment or introduces a replacement clause to any preexisting policy, the amendment notification is flashed through the internet also. It could be very important for the persons in the international trading community to have a tab on all these important posters. You can easily get in case you announcements of DGFT India on Infodrive India, a leading export import database net site.
