DGFT India: Regulating the Import export Trade of India
Those who are linked import export trading are aware of the term DGFT India that represent 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 responsible for framing the policies regarding export and import in India. Promoting export and import related activities in the country are one with the 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 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 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 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 among the major activities of this authority that happen to be mandate for import export traders include:
Issue of IEC Code Online Application India number – IEC stands for Importer Exporter Code from the directorate, which is a primary necessity for any company or venture capitalist trying to do move in India. The IEC code can easily be obtained in the regional offices by applying through post or via an online application form. One additionally be check for his/her application status the particular website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a distinctive numerical code assigned to be able to products and commodities for import export trading. This code is usually recommended while shipping commodities from country yet another. In short it can be a particular number assigned to a particular products employed for describing goods in the import export trading platform.
It issues new trading policies and updates the present ones- It lays down the required framework upon which traders and companies pursue cross border forex. Most of guidelines and guidelines related to import export trading are framed by this board. Besides this, you’ll find it regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces a whole clause to any preexisting policy, the amendment notification is flashed through the internet too. It is most important to find the people in the international trading community to keep a tab on all these important reports. You can easily get achievable will give you announcements of DGFT India on Infodrive India, a respected export import database net site.
