Those who are connected import export trading are very well aware of the term DGFT India that brief for Director General of Foreign Trade, India. Functioning underneath the Ministry of Commerce and Industry, it is can buy the most important authorities, which is solely the reason for framing the policies regarding export and import in India. Promoting export and import related activities in country are one of the major objectives of this organization. To fulfill the purpose it formulates and implements various trading policies and guidelines regarding foreign trade for example – Foreign trade 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 quite a few 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 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 associated with activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal E.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 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 issued by the directorate, which can be a primary requirement for any company or venture capitalist needing to do upload in Of india. The IEC code can be easily obtained from regional offices by applying through post or by using an online application form. One additionally be 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 good numerical code assigned to several products and commodities for import export trading. This code is required while shipping commodities from country to another. In short it is often a particular number assigned to particular products put to use in describing goods in the import export trading program.
It issues new trading policies and updates the existing ones- It lays about the Documents required for Import Export Code Registration Online framework upon which traders and corporations pursue cross border getting. Most of guidelines and guidelines related to import export trading are framed this particular board. Besides this, what’s more, it regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces a replacement clause for any preexisting policy, the amendment notification is flashed through the internet also. It is important for the members of the international trading community to have a tab on all these important posters. You can easily get the latest announcements of DGFT India on Infodrive India, a respected export import database domain.