Those who are in the middle of import export trading are aware of the term DGFT India that is a symbol of Director General of Foreign Trade, India. Functioning the actual Ministry of Commerce and Industry, it is one amongst the most important authorities, which is solely given the task of 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 medicine it formulates and implements various trading policies and guidelines regarding foreign trade for example - Move Policy or the Exim Policy, etc.
The DGFT Delhi will 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 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 places domain that can simply be 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 A.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 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 desire for any company or venture capitalist trying to do upload in The indian subcontinent. The IEC code can often be obtained over the regional offices by applying through post or via 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 distinctive numerical code assigned to several products and commodities for import export trading. This code is suggested while shipping commodities in one country to another. In short it is a particular number assigned to specific products useful for describing goods in the import export trading site.
It issues new trading policies and updates the existing ones- It lays down 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 by this board. Besides this, additionally, it regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces fresh new clause to any preexisting policy, the amendment notification is flashed on the internet too. It highly important for all of the folks the international trading community to keep a tab on all these important announcements. You can easily get the latest announcements of DGFT India on Infodrive India, a top export import database domain.