Those who are involved in 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 considered one of 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 a country are one of the major objectives of this organization. To fulfill medicine 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 legal system. 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 areas domain that can simply be used by numerous trading communities within the country and abroad.
Following is the report on some of the major wings of DGFT India that takes care of man activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal Elizabeth.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 issued by the directorate, which is really a primary demand for any company or venture capitalist trying to do foreign trade in Sweden. The IEC code can be easily obtained from the regional offices by applying through post or by using an online application form. One additionally check for his/her application status the particular website of DGFT.
It maintains and updates HS Code Lists – HS Codes list from the Directorate is a numerical code assigned to several products and commodities for import export trading. This code is mandatory while shipping commodities from country yet another. In short it is often a particular number assigned to a particular products used for describing goods in the import export trading staging.
It issues new trading policies and updates the existing ones- It lays along the Documents required for Import Export Code Registration Online framework upon which traders and firms pursue cross border getting. Most of guidelines and guidelines related to import export trading are framed by this board. Besides this, what’s more, it regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces a new clause for any preexisting policy, the amendment notification is flashed on internet as well. It highly important for all the members of the international trading community to keep a tab on all these important posters. You can easily get upgrade announcements of DGFT India on Infodrive India, a top export import database world wide web.