Those who are enjoying import export trading are very 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 the reason for framing the policies regarding export and import in India. Promoting export and import related activities associated with country are one from the major objectives of this organization. To fulfill medicine it formulates and implements various trading policies and guidelines regarding foreign trade for example – Move Policy or the Exim Policy, etc.
The DGFT Delhi will 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 places domain that can sometimes 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 those unfortunate activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal Elizabeth.O. Cell
Policy Research and Analysis
Restricted Import Licensing
Enforcement cum Adjudication
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 mandate for import export traders include:
Issue of IEC number – IEC stands for Importer Exporter Code from the directorate, which can be a primary requirement for any company or venture capitalist endeavoring to do upload in India. The IEC code can be obtained in the regional offices by applying through post or through an online application. One can also check for his/her application status the particular 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 suggested 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 site.
It issues new trading policies and updates the present ones- It lays along the Documents required for IEC Code Registration India framework upon which traders and firms pursue cross border forex trading. Most of the policies and guidelines related to import export trading are framed by this board. Besides this, in addition, it regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces a whole clause to the preexisting policy, the amendment notification is flashed through the internet as well. It is most important for a lot of the people today the international trading community to have a tab on all these important announcements. You can easily get the latest announcements of DGFT India on Infodrive India, a prominent export import database site.