Those who are in the middle of import export trading are aware of the term DGFT India that is a symbol of Director General of Foreign Trade, India. Functioning the particular Ministry of Commerce and Industry, it is among the most important authorities, which is solely responsible for framing the policies regarding export and import in India. Promoting export and import related activities in the country are one of your major objectives of this organization. To fulfill the intention of it formulates and implements various trading policies and guidelines regarding foreign trade for example – Upload Policy or the Exim Policy, etc.
The DGFT Delhi may 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 a lot of 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 those unfortunate activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal Elizabeth.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 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 often a primary desire for any company or venture capitalist wanting to do upload in The indian subcontinent. The IEC Code Online Application India code can be easily obtained over the regional offices by applying through post or with an online application. One could check for his/her application status over the website of DGFT.
It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is a distinctive numerical code assigned to several products and commodities for import export trading. This code is usually recommended while shipping commodities 1 country to an alternative. In short it is a particular number assigned to particular products employed for describing goods in the import export trading platform.
It issues new trading policies and updates the existing ones- It lays along the required framework upon which traders and firms pursue cross border forex trading. Most of the policies and guidelines related to import export trading are framed this particular board. Besides this, what’s more, it regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces a fresh clause to your preexisting policy, the amendment notification is flashed on the internet too. It is very important for all of 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 top export import database world wide web.