DGFT India: Regulating the Import export Trade of India

Those who are enjoying import export trading are well aware of the term DGFT India that is short for Director General of Foreign Trade, India. Functioning the actual 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 this major objectives of this organization. To fulfill the purpose 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 jurisdiction. DGFT Delhi is engaged in providing benefits to the Exporters/Importers by way of numerous 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 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 Elizabeth.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 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 is often a primary requirement for any company or venture capitalist endeavoring to do foreign trade in The indian subcontinent. The IEC code can often be obtained of one’s regional offices by applying through post or by using an online application form. One additionally check for his/her application status your website of DGFT.

It maintains and updates HS Code Lists – HS Codes list from the Directorate is a distinctive numerical code assigned to several products and commodities for import export trading. This code is required while shipping commodities 1 country to another. In short it is often a particular number assigned to specific products put to use in describing goods in the import export trading platform.

It issues new trading policies and updates the existing ones- It lays along the required framework upon which traders and companies 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 fresh new clause to your preexisting policy, the amendment notification is flashed on internet also. It is important for the people in the international trading community to keep a tab on all these important announcements. You can easily get in case you announcements of DGFT India on Infodrive India, a major export Import Export Code Online Registration India database internet page.