DGFT India: Regulating the Import export Trade of India

Those who are in the middle of import export trading are very well aware of the term DGFT India that represent Director General of Foreign Trade, India. Functioning the actual 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 a country are one of your major objectives of this organization. To fulfill the purpose 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 legislation. DGFT Delhi is engaged in providing benefits to the Exporters/Importers by way quite a few 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 list of some of the major wings of DGFT India that takes care of those unfortunate activities related to the department:

Duty Exemption Scheme

Export Promotion Capital Goods

Cash Assistance, Appeal Ourite.O. Cell

Drawback

Policy Division

Policy Cell

Policy Research and Analysis

Restricted Import Export Code Application Online India Licensing

Enforcement cum Adjudication

Statistics Division

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 IEC number – IEC stands for Importer Exporter Code from the directorate, which is really a primary desire for any company or venture capitalist seeking to do upload in Sweden. The IEC code can be easily obtained from the regional offices by applying through post or via an online form. One additionally be check for his/her application status in the 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 suggested while shipping commodities from country option. In short it is a particular number assigned to specific products employed 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 firms pursue cross border trading. Most of the policies and guidelines related to import export trading are framed by this board. Besides this, in addition, it regulates the trade by imposing guidelines.

Whenever the Directorate makes any new amendment or introduces fresh new clause to any preexisting policy, the amendment notification is flashed on internet also. It is important for the people in the international trading community to have a tab on all these important announcements. You can easily get upgrade announcements of DGFT India on Infodrive India, a leading export import database net site.