DGFT India: Regulating the Import and export Trade of India

Those who are connected import export trading are very well aware of the term DGFT India that represent Director General of Foreign Trade, India. Functioning underneath the Ministry of Commerce and Industry, it is one of 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 in the country are one of your major objectives of this organization. To fulfill medicine it formulates and implements various trading policies and guidelines regarding foreign trade for example – Upload 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 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 Elizabeth.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 of the major activities of this authority that happen to be mandate for import export traders include:

Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which is a primary requirement for any company or venture capitalist needing to do foreign trade in Sweden. The IEC code can be easily obtained over the regional offices by applying through post or through an online application. One additionally check for his/her application status over the website of DGFT.

It maintains and updates HS Code Lists – HS Codes list from the Directorate is a good numerical code assigned to various products and commodities for import export trading. This code is usually recommended while shipping commodities 1 country to another. In short it is often a particular number assigned to specific products used as describing goods in the import export trading place.

It issues new trading policies and updates the present ones- It lays along the Documents required for Import Export Code Registration Online framework upon which traders and firms pursue cross border buying and selling. Most of guidelines and guidelines related to import export trading are framed by this 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 the preexisting policy, the amendment notification is flashed on internet also. It highly important for the members of the international trading community to have a tab on all these important posters. You can easily get upgrade announcements of DGFT India on Infodrive India, a major export import database domain.