DGFT India: Regulating the Import and export Trade of India

Those who are enjoying import export trading are very aware of the term DGFT India that is a symbol of Director General of Foreign Trade, India. Functioning underneath the Ministry of Commerce and Industry, it is among the most important authorities, which is solely liable 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 the intention of 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 is the Zonal Office (North Zone) that has nine Regional offices under its legal system. DGFT Delhi is engaged in providing benefits to the Exporters/Importers by way quite a few 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 associated with activities related to the department:

Duty Exemption Scheme

Export Promotion Capital Goods

Cash Assistance, Appeal Ourite.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 among the major activities of this authority that mandate for import export traders include:

Issue of IEC number – IEC stands for Importer Exporter Code from the directorate, which can be a primary necessity for any company or venture capitalist wanting to do upload in Pakistan. The IEC code can easily be obtained of one’s regional offices by applying through post or through an online application. One can also check for his/her application status over the website of DGFT.

It maintains and updates HS Code Lists – HS Codes list issued by the Directorate is a good numerical code assigned to be able to products and commodities for import export trading. This code is suggested while shipping commodities from one country to an alternative. In short it is really a particular number assigned to a particular products useful for describing goods in the import export trading program.

It issues new trading policies and updates the existing ones- It lays over the required framework upon which traders and corporations pursue cross border buying and selling. Most of the policies and guidelines related to Import Export Code Application Online India 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 any preexisting policy, the amendment notification is flashed by the internet also. It could be very important for a lot of the folks the international trading community to have a tab on all these important bulletins. You can easily get the latest announcements of DGFT India on Infodrive India, a top export import database internet page.