Those who are linked import export trading are aware of the term DGFT India that is short for Director General of Foreign Trade, India. Functioning your Ministry of Commerce and Industry, it is can buy 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 a country are one of this 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 may be the Zonal Office (North Zone) that has nine Regional offices under its jurisdiction. 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 connected with some of the major wings of DGFT India that takes care of a lot of 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 of this major activities of this authority that mandate for import export traders include:
Issue of Apply IEC Online India number – IEC stands for Importer Exporter Code from the directorate, which is really a primary requirement of any company or venture capitalist endeavoring to do move in The indian subcontinent. The IEC code can often be obtained of one’s regional offices by applying through post or by using an online application form. One additionally check for his/her application status on 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 several products and commodities for import export trading. This code is suggested while shipping commodities from country to another. In short it is really a particular number assigned to specific products useful for describing goods in the import export trading platform.
It issues new trading policies and updates the existing ones- It lays over the required framework upon which traders and companies pursue cross border forex trading. Most of the policies 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 fresh clause to your preexisting policy, the amendment notification is flashed by the internet also. It highly important to find the members of the international trading community to have a tab on all these important bulletins. You can easily get consideration announcements of DGFT India on Infodrive India, a respected export import database site.