DGFT India: Regulating the Import export Trade of India

Those who are involved in import export trading are very aware of the term DGFT India that is a symbol of Director General of Foreign Trade, India. Functioning under the Ministry of Commerce and Industry, it is among 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 from the 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 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 various 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 be easily 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 those unfortunate activities related to the department:

Duty Exemption Scheme

Export Promotion Capital Goods

Cash Assistance, Appeal E.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 that happen to be mandate for import export traders include:

Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which is a primary demand for any company or venture capitalist endeavoring to do move in Of india. The Apply IEC Online India code can sometimes obtained from regional offices by applying through post or with an online application. One additionally check for his/her application status the particular website of DGFT.

It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is from the numerical code assigned to numerous products and commodities for import export trading. This code is mandatory while shipping commodities from one country an additional. In short it is often a particular number assigned to specific products used for describing goods in the import export trading staging.

It issues new trading policies and updates the existing ones- It lays about the required framework upon which traders and corporations pursue cross border trading. Most of the policies and guidelines related to import export trading are framed this particular board. Besides this, you’ll find it regulates the trade by imposing guidelines.

Whenever the Directorate makes any new amendment or introduces a new clause for any preexisting policy, the amendment notification is flashed by the internet as well. It is important for a lot of the people in the international trading community to keep a tab on all these important announcements. You can easily get upgrade announcements of DGFT India on Infodrive India, a major export import database site.