Those who are in the middle of import export trading are very well 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 can buy the most important authorities, which is solely contributing to framing the policies regarding export and import in India. Promoting export and import related activities a 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 – Move Policy or the Exim Policy, etc.
The DGFT Delhi may 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 various 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 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 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 among 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 from the directorate, which is a primary demand for any company or venture capitalist seeking to do foreign trade in The indian subcontinent. The IEC Code Online Application India code can be easily obtained over the regional offices by applying through post or with an online form. One could 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 from the numerical code assigned to various products and commodities for import export trading. This code is usually recommended while shipping commodities from one country to another. In short it is really a particular number assigned to a particular products used for describing goods in the import export trading place.
It issues new trading policies and updates the present ones- It lays along the required framework upon which traders and corporations pursue cross border buying and selling. Most of guidelines and guidelines related to import export trading are framed this particular board. Besides this, in addition, it regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces a new clause to your preexisting policy, the amendment notification is flashed by the internet as well. It is very important to find the persons in the international trading community to have a tab on all these important posters. You can easily get achievable will give you announcements of DGFT India on Infodrive India, a respected export import database net site.