Those who are involved in import export trading are very aware of the term DGFT India that is short for Director General of Foreign Trade, India. Functioning under the Ministry of Commerce and Industry, it is considered one of the most important authorities, which is solely contributing to framing the policies regarding export and import in India. Promoting export and import related activities in country are one from 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 – Foreign trade 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 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 be used by numerous trading communities within the country and abroad.
Following is the list of some of the major wings of DGFT India that takes care of numerous activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal St.O. Cell
Policy Research and Analysis
Restricted Import Licensing
Enforcement cum Adjudication
Human Resources Development
National Informatics Centre-NIC
dgft IE Code Registration Online India 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 happen to be mandate for import export traders include:
Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which is a primary necessity for any company or venture capitalist endeavoring to do move in Pakistan. The IEC code can be easily obtained in the regional offices by applying through post or by using an online form. One in addition be check for his/her application status the particular website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a numerical code assigned to be able to products and commodities for import export trading. This code is usually recommended while shipping commodities from country to another. In short it is really a particular number assigned to a particular products put to use in describing goods in the import export trading staging.
It issues new trading policies and updates the existing ones- It lays about the required framework upon which traders and firms pursue cross border forex. Most of guidelines and guidelines related to import export trading are framed by this board. Besides this, it also regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces fresh new clause to any preexisting policy, the amendment notification is flashed by the internet too. It is most important for all of the folks the international trading community to have a tab on all these important posters. You can easily get achievable will give you announcements of DGFT India on Infodrive India, a major export import database internet page.