Those who are connected import export trading are well aware of the term DGFT India that represent Director General of Foreign Trade, India. Functioning the actual Ministry of Commerce and Industry, it is considered one of the most important authorities, which is solely liable for framing the policies regarding export and import in India. Promoting export and import related activities in country are one with the major objectives of this organization. To fulfill on the road it formulates and implements various trading policies and guidelines regarding foreign trade for example – Move Policy or the Exim Policy, etc.
The DGFT Delhi could 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 places domain that can easily be used by numerous trading communities within the country and abroad.
Following is the involving some of the major wings of DGFT India that takes care associated with activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal E.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 the major activities of this authority that mandate for import export traders include:
Issue of Apply IEC Online India number – IEC stands for Importer Exporter Code issued by the directorate, which is really a primary necessity for any company or venture capitalist seeking to do foreign trade in India. The IEC code can sometimes obtained over the regional offices by applying through post or via an online form. One could check for his/her application status your website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is from the numerical code assigned to various products and commodities for import export trading. This code is mandatory while shipping commodities 1 country to another. In short it can be a particular number assigned to specific products employed for describing goods in the import export trading place.
It issues new trading policies and updates the present ones- It lays down the required framework upon which traders and firms pursue cross border trading. Most of the policies and guidelines related to import export trading are framed this particular 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 for any preexisting policy, the amendment notification is flashed on the internet too. It is very important to find the people in the international trading community to have a tab on all these important bulletins. You can easily get consideration announcements of DGFT India on Infodrive India, a respected export import database internet page.