DGFT India: Regulating the Import export Trade of India
Those who are linked import export trading are aware of the term DGFT India that stands for Director General of Foreign Trade, India. Functioning your Ministry of Commerce and Industry, it is among 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 with the major objectives of this organization. To fulfill the purpose it formulates and implements various trading policies and guidelines regarding foreign trade for example – Upload 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 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 simply 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 of those unfortunate activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal A.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 the major activities of this authority that happen to be mandate for import export traders include:
Issue of IEC Code Online Application India number – IEC stands for Importer Exporter Code issued by the directorate, which is a primary necessity for any company or venture capitalist needing to do move in The indian subcontinent. The IEC code can be easily obtained of one’s regional offices by applying through post or with an online form. One in addition be check for his/her application status over the website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a good numerical code assigned to various products and commodities for import export trading. This code is mandatory while shipping commodities in one country yet another. In short it can be a particular number assigned to a particular products put to use in describing goods in the import export trading program.
It issues new trading policies and updates the present ones- It lays over the required framework upon which traders and corporations pursue cross border buying and selling. 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 through the internet as well. It is very important for all of the people today the international trading community to keep a tab on all these important cards. You can easily get upgrade announcements of DGFT India on Infodrive India, a prominent export import database net site.
