DGFT India: Regulating the Import export Trade of India

Those who are involved in import export trading are well aware of the term DGFT India that is a symbol of Director General of Foreign Trade, India. Functioning the particular Ministry of Commerce and Industry, it is one amongst 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 the country are one from the 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 could 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 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 domain that can simply be used by numerous trading communities within the country and abroad.

Following is the connected with some of the major wings of DGFT India that takes care of man 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 among the major activities of this authority that happen to be 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 really a primary demand for any company or venture capitalist wanting to do upload in Of india. The IEC code can easily be obtained of one’s regional offices by applying through post or through an online form. One additionally check for his/her application status over the website of DGFT.

It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is a numerical code assigned to several products and commodities for import export trading. This code is required while shipping commodities from one country an additional. In short it is really a particular number assigned to a particular products useful 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 trading. Most of the policies and guidelines related to import export trading are framed by this board. Besides this, additionally, it regulates the trade by imposing guidelines.

Whenever the Directorate makes any new amendment or introduces a replacement clause to any preexisting policy, the amendment notification is flashed within internet also. It is very important for a lot of the people in the international trading community to keep a tab on all these important reports. You can easily get the latest announcements of DGFT India on Infodrive India, a major export import database domain.