Those who are connected import export trading are very aware of the term DGFT India that stands for Director General of Foreign Trade, India. Functioning the actual Ministry of Commerce and Industry, it is considered 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 associated with country are one of this major objectives of this organization. To fulfill the purpose it formulates and implements various trading policies and guidelines regarding foreign trade for example – Move 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 many 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 used by numerous trading communities within the country and abroad.
Following is the connected with 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 Ourite.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 the major activities of this authority that mandate for import export traders include:
Issue of IEC number – IEC stands for Importer Exporter Code issued by the directorate, which is really a primary demand for any company or venture capitalist seeking to do foreign trade in India. The IEC code can often be obtained over the regional offices by applying through post or through an online application form. One additionally check for his/her application status your website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is from the numerical code assigned to numerous products and commodities for import export trading. This code is suggested while shipping commodities from country yet another. In short it is often a particular number assigned to specific products useful for describing goods in the import export trading place.
It issues new trading policies and updates the present ones- It lays over the Documents required for IEC Code Registration India framework upon which traders and companies pursue cross border buying and selling. Most of guidelines and guidelines related to import export trading are framed this particular board. Besides this, it also regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces a whole clause to any preexisting policy, the amendment notification is flashed on internet as well. It is very important for all the people today the international trading community to keep a tab on all these important reports. You can easily get upgrade announcements of DGFT India on Infodrive India, a top export import database site.