Those who are in the middle of import export trading are very aware of the term DGFT India that is short for Director General of Foreign Trade, India. Functioning the actual Ministry of Commerce and Industry, it is among the most important authorities, which is solely contributing to framing the policies regarding export and import in India. Promoting export and import related activities associated with country are one of this major objectives of this organization. To fulfill the purpose 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 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 domain that can easily 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 a lot of 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 of the 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 a primary necessity for any company or venture capitalist endeavoring to do foreign trade in Sweden. The IEC code can often be obtained in the regional offices by applying through post or by using an online application. One could 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 unique numerical code assigned to various products and commodities for import export trading. This code is mandatory while shipping commodities 1 country an additional. In short it is often a particular number assigned to particular products employed for describing goods in the import export trading program.
It issues new trading policies and updates the existing ones- It lays along the Documents required for IEC Code Registration India framework upon which traders and corporations pursue cross border forex trading. Most of the policies and guidelines related to import export trading are framed by this board. Besides this, it also regulates the trade by imposing guidelines.
Whenever the Directorate makes any new amendment or introduces a fresh clause to the preexisting policy, the amendment notification is flashed on internet as well. It is most important for all the members of the international trading community to keep a tab on all these important bulletins. You can easily get in case you announcements of DGFT India on Infodrive India, a major export import database internet page.