Those who are linked import export trading are well aware of the term DGFT India that is a symbol of Director General of Foreign Trade, India. Functioning underneath the Ministry of Commerce and Industry, it is one amongst the most important authorities, which is solely contributing to framing the policies regarding export and import in India. Promoting export and import related activities in the country are one of this major objectives of this organization. To fulfill extra 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 legislation. 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 areas domain that can be easily used by numerous trading communities within the country and abroad.
Following is the report on 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 St.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 are mandate for import export traders include:
Issue of IEC number – Apply IEC Online India stands for Importer Exporter Code issued by the directorate, which is often a primary desire for any company or venture capitalist needing to do foreign trade in India. The IEC code can easily be obtained over the regional offices by applying through post or by using an online form. One could check for his/her application status the particular website of DGFT.
It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is a distinctive numerical code assigned to various products and commodities for import export trading. This code is required while shipping commodities from country an additional. In short it is really a particular number assigned to particular products employed for describing goods in the import export trading site.
It issues new trading policies and updates the existing ones- It lays about the required framework upon which traders and corporations pursue cross border getting. Most of the policies and guidelines related to import export trading are framed this particular board. Besides this, additionally, it regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces a whole clause to the preexisting policy, the amendment notification is flashed by the internet also. It is important for a lot of the members of the international trading community to have a tab on all these important reports. You can easily get upgrade announcements of DGFT India on Infodrive India, a respected export import database internet page.