Those who are in the middle of import export trading are well aware of the term DGFT India that brief for Director General of Foreign Trade, India. Functioning under the Ministry of Commerce and Industry, it is among the most important authorities, which is solely the reason 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 – Foreign trade 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 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 be easily 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 Ourite.O. Cell
Policy Research and Analysis
Restricted Import Export Code Online Registration India 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 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 can be a primary requirement of any company or venture capitalist seeking to do move in The indian subcontinent. The IEC code can sometimes obtained from the regional offices by applying through post or through an online application. One can also 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 from the numerical code assigned in order to products and commodities for import export trading. This code is required while shipping commodities from one country yet another. In short it is often a particular number assigned to specific products used for describing goods in the import export trading platform.
It issues new trading policies and updates the present ones- It lays along the required framework upon which traders and corporations pursue cross border forex. Most of the policies 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 replacement clause to the preexisting policy, the amendment notification is flashed on internet as well. It is important for a lot of the persons in the international trading community to have a tab on all these important bulletins. You can easily get the latest announcements of DGFT India on Infodrive India, a major export import database world wide web.