Those who are involved in import export trading are 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 responsible for framing the policies regarding export and import in India. Promoting export and import related activities associated with country are one of 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 – Move Policy or the Exim Policy, etc.
The DGFT Delhi could 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 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 those unfortunate activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal E.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 the major activities of this authority that mandate for import export traders include:
Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which is a primary requirement of any company or venture capitalist seeking to do move in India. The IEC code can be obtained from regional offices by applying through post or through an online application form. One additionally check for his/her application status in the website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a unique numerical code assigned to numerous products and commodities for import export trading. This code is usually recommended while shipping commodities in one country to an alternative. In short it is really a particular number assigned to specific products employed for describing goods in the import export trading staging.
It issues new trading policies and updates the present ones- It lays down 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 by this board. Besides this, additionally, it regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces a new clause to your preexisting policy, the amendment notification is flashed on the internet as well. It could be very important for all the people today 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 top export import database site.