Those who are involved in import export trading are aware of the term DGFT India that is short for 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 liable for framing the policies regarding export and import in India. Promoting export and import related activities a 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 – Upload Policy or the Exim Policy, etc.
The DGFT Delhi could be the Zonal Office (North Zone) that has nine Regional offices under its legislation. 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 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 numerous activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal E.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 are usually mandate for import export traders include:
Issue of IEC number – IEC stands for Importer Exporter Code from the directorate, which is often a primary requirement for any company or venture capitalist seeking to do move in Sweden. The IEC code can be obtained from regional offices by applying through post or through an online application. One could 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 good 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 is really a particular number assigned to specific products used for describing goods in the import export trading staging.
It issues new trading policies and updates the existing ones- It lays around the Documents required for Import Export Code Registration Online framework upon which traders and corporations pursue cross border forex. 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 the policies.
Whenever the Directorate makes any new amendment or introduces a new clause for any preexisting policy, the amendment notification is flashed on the internet as well. It highly important to find the folks the international trading community to keep a tab on all these important posters. You can easily get upgrade announcements of DGFT India on Infodrive India, a prominent export import database domain.