Those who are enjoying import export trading are well aware of the term DGFT India that stands 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 responsible for framing the policies regarding export and import in India. Promoting export and import related activities a 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 – Foreign trade Policy or the Exim Policy, etc.
The DGFT Delhi could 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 various 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 simply be used by numerous trading communities within the country and abroad.
Following is the involving some of the major wings of DGFT India that takes care of man 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 for this major activities of this authority that are mandate for import export traders include:
Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which is often a primary demand for any company or venture capitalist wanting to do foreign trade in India. The IEC code can be easily obtained from the regional offices by applying through post or through an online application. One can also check for his/her application status your website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a good numerical code assigned to numerous products and commodities for import export trading. This code is mandatory while shipping commodities from country to another. In short it is a particular number assigned to particular products useful for describing goods in the import export trading staging.
It issues new trading policies and updates the existing ones- It lays about 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 guidelines.
Whenever the Directorate makes any new amendment or introduces a replacement clause to the preexisting policy, the amendment notification is flashed on the internet also. It could be very important for a lot of the members of the international trading community to have a tab on all these important bulletins. You can easily get upgrade announcements of DGFT India on Infodrive India, a prominent export import database world wide web.