Those who are linked import export trading are well aware of the term DGFT India that stands for Director General of Foreign Trade, India. Functioning your 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 in country are one of this 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 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 areas domain that can simply be used by numerous trading communities within the country and abroad.
Following is the list 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 of this major activities of this authority that mandate for import export traders include:
Issue of IEC number – Apply IEC Online India stands for Importer Exporter Code from the directorate, which is a primary desire for any company or venture capitalist trying to do foreign trade in The indian subcontinent. The IEC code can often be obtained from regional offices by applying through post or through an online form. One can also 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 from the numerical code assigned to various products and commodities for import export trading. This code is usually recommended while shipping commodities from one country to another. In short it can be a particular number assigned to a particular products used for describing goods in the import export trading place.
It issues new trading policies and updates the existing ones- It lays along the required framework upon which traders and firms pursue cross border trading. Most of guidelines and guidelines related to import export trading are framed this particular board. Besides this, additionally, it regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces fresh new clause to the preexisting policy, the amendment notification is flashed on internet too. It is important for all of the persons in the international trading community to have a tab on all these important bulletins. You can easily get upgrade announcements of DGFT India on Infodrive India, a top export import database domain.