Those who are connected import export trading are aware of the term DGFT India that stands for Director General of Foreign Trade, India. Functioning underneath the Ministry of Commerce and Industry, it is one of 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 country are one of your major objectives of this organization. To fulfill on the road it formulates and implements various trading policies and guidelines regarding foreign trade for example – Move Policy or the Exim Policy, etc.
The DGFT Delhi could 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 a lot of 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 associated with activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal Ourite.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 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 really a primary requirement of any company or venture capitalist seeking to do move in Sweden. The IEC code can easily be obtained in the regional offices by applying through post or via an online form. One could 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 in order to products and commodities for import export trading. This code is suggested while shipping commodities from country an additional. 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 existing ones- It lays over the required framework upon which traders and companies pursue cross border forex. Most of guidelines and guidelines related to import export trading are framed this particular board. Besides this, additionally, it regulates the trade by imposing the policies.
Whenever the Directorate makes any new amendment or introduces a whole clause for any preexisting policy, the amendment notification is flashed on internet as well. It is most important for all of the persons in the international trading community to have a tab on all these important cards. You can easily get the latest announcements of DGFT India on Infodrive India, a top export Import Export Code Application Online India database internet page.