08 Nov

DGFT India: Regulating the Import export Trade of India

Those who are in the middle of import export trading are very aware of the term DGFT India that represent Director General of Foreign Trade, India. Functioning your Ministry of Commerce and Industry, it is considered one of the most important authorities, which is solely given the task of framing the policies regarding export and import in India. Promoting export and import related activities a country are one of your 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 is 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 of many 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 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 E.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 which usually are mandate for import export traders include:

Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which is a primary desire for any company or venture capitalist wanting to do move in India. The IEC code can be easily obtained from the regional offices by applying through post or via an online application. One additionally check for his/her application status on the website of DGFT.

It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is a numerical code assigned in order to products and commodities for import export trading. This code is Documents required for Import Export Code Registration Online while shipping commodities from country an additional. In short it is often a particular number assigned to specific products used for describing goods in the import export trading program.

It issues new trading policies and updates the present ones- It lays along the required framework upon which traders and firms pursue cross border buying and selling. Most of guidelines 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 for any preexisting policy, the amendment notification is flashed by the internet as well. It could be very important to find the members of the international trading community to keep 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 internet page.