DGFT India: Regulating the Import export Trade of India

Those who are enjoying import export trading are well aware of the term DGFT India that represent Director General of Foreign Trade, India. Functioning under the Ministry of Commerce and Industry, it is can buy the most important authorities, which is solely liable for framing the policies regarding export and import in India. Promoting export and import related activities a country are one of your major objectives of this organization. To fulfill the purpose 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 authority. 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 be easily used by numerous trading communities within the country and abroad.

Following is the involving some of the major wings of DGFT India that takes care of a lot of activities related to the department:

Duty Exemption Scheme

Export Promotion Capital Goods

Cash Assistance, Appeal A.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 among the major activities of this authority which usually are mandate for import export traders include:

Issue of IEC number – IEC stands for Importer Exporter Code from the directorate, which can be a primary requirement of any company or venture capitalist wanting to do move in India. The IEC code can sometimes obtained in the regional offices by applying through post or by using an online application. One could check for his/her application status in the website of DGFT.

It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is a unique numerical code assigned to be able to products and commodities for import export trading. This code is suggested while shipping commodities from country option. In short it is really a particular number assigned to particular products used for describing goods in the import export trading program.

It issues new trading policies and updates the present ones- It lays around the Documents required for IEC Code Registration India framework upon which traders and firms pursue cross border buying and selling. 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 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 the persons in the international trading community to keep a tab on all these important posters. You can easily get the latest announcements of DGFT India on Infodrive India, a prominent export import database internet page.