Those who are in the middle of import export trading are aware of the term DGFT India that represent Director General of Foreign Trade, India. Functioning under the Ministry of Commerce and Industry, it is considered one of the most important authorities, which is solely responsible for framing the policies regarding export and import in India. Promoting export and Import Export Code Online Registration India related activities in country are one from the major objectives of this organization. To fulfill extra it formulates and implements various trading policies and guidelines regarding foreign trade for example – Move Policy or the Exim Policy, etc.
The DGFT Delhi is 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 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 domain that can sometimes 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 a lot of 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 for this major activities of this authority that are mandate for import export traders include:
Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which is a primary desire for any company or venture capitalist seeking to do foreign trade in Of india. The IEC code can be obtained over the regional offices by applying through post or by using an online 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 from the Directorate is a numerical code assigned to various products and commodities for import export trading. This code is required while shipping commodities from one country to an alternative. In short it can be a particular number assigned to particular products useful for describing goods in the import export trading program.
It issues new trading policies and updates the existing ones- It lays around the required framework upon which traders and companies pursue cross border buying and selling. Most of the policies and guidelines related to import export trading are framed by this board. Besides this, additionally, it regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces fresh new clause to the preexisting policy, the amendment notification is flashed through the internet as well. It could be very important for a lot of the folks the international trading community to keep a tab on all these important posters. You can easily get in case you announcements of DGFT India on Infodrive India, a top export import database net site.