DGFT India: Regulating the Import export Trade of India

Those who are enjoying import export trading are aware of the term DGFT India that is a symbol of Director General of Foreign Trade, India. Functioning under the Ministry of Commerce and Industry, it is among 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 the country are one of this major objectives of this organization. To fulfill extra 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 associated with activities related to the department:

Duty Exemption Scheme

Export Promotion Capital Goods

Cash Assistance, Appeal Ourite.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 for the major activities of this authority that are mandate for import export traders include:

Issue of Apply IEC Online 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 foreign trade in India. The IEC code can be obtained from the regional offices by applying through post or through an online form. One additionally be check for his/her application status in the website of DGFT.

It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is from the numerical code assigned to several products and commodities for import export trading. This code is suggested while shipping commodities in one country to an alternative. In short it can be a particular number assigned to specific products employed for describing goods in the import export trading site.

It issues new trading policies and updates the existing ones- It lays down the required framework upon which traders and corporations pursue cross border forex. 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 a whole clause to the preexisting policy, the amendment notification is flashed on internet also. It highly important for all the folks the international trading community to have a tab on all these important cards. You can easily get upgrade announcements of DGFT India on Infodrive India, a major export import database site.

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