Those who are involved in import export trading are well 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 one of the most important authorities, which is solely responsible for framing the policies regarding export and import in India. Promoting export and import related activities in the country are one from the major objectives of this organization. To fulfill extra it formulates and implements various trading policies and guidelines regarding foreign trade for example – Move Policy or the Exim Policy, etc.
The DGFT Delhi may be the Zonal Office (North Zone) that has nine Regional offices under its jurisdiction. DGFT Delhi is engaged in providing benefits to the Exporters/Importers by way of numerous 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 be easily 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 those unfortunate 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 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 Code Online Application India number – IEC stands for Importer Exporter Code from the directorate, which is often a primary requirement of any company or venture capitalist wanting to do foreign trade in India. The IEC code can be easily obtained over the regional offices by applying through post or via an online application. One could check for his/her application status your website of DGFT.
It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is a good numerical code assigned in order to products and commodities for import export trading. This code is suggested while shipping commodities from one country an additional. In short it can be a particular number assigned to specific products used for describing goods in the import export trading platform.
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 this particular board. Besides this, additionally, it regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces a new clause to any preexisting policy, the amendment notification is flashed within internet too. It is most important for all the persons in the international trading community to have a tab on all these important reports. You can easily get consideration announcements of DGFT India on Infodrive India, a top export import database internet page.