Those who are enjoying import export trading are aware of the term DGFT India that is short for Director General of Foreign Trade, India. Functioning the actual Ministry of Commerce and Industry, it is among the most important authorities, which is solely responsible for framing the policies regarding export and import in India. Promoting export and import related activities in the country are one of the major objectives of this organization. To fulfill extra 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 will be 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 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 areas domain that can sometimes 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 associated with activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal St.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 from the directorate, which can be a primary demand for any company or venture capitalist trying to do foreign trade in Sweden. The IEC code can sometimes obtained from the regional offices by applying through post or via an online form. One additionally be check for his/her application status on the website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a good numerical code assigned to several products and commodities for import export trading. This code is suggested while shipping commodities 1 country yet another. In short it is really a particular number assigned to specific products put to use in 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 Import Export Code Registration Online framework upon which traders and corporations pursue cross border forex. Most of the policies and guidelines related to import export trading are framed this particular board. Besides this, you’ll find it regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces a whole clause for any preexisting policy, the amendment notification is flashed on the internet as well. It is most important to find the members of the international trading community to have a tab on all these important posters. You can easily get the latest announcements of DGFT India on Infodrive India, a respected export import database site.