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Nov 08

DGFT India: Regulating the Import and export Trade of India

Those who are involved in import export trading are very aware of the term DGFT India that brief for Director General of Foreign Trade, India. Functioning the particular Ministry of Commerce and Industry, it is can buy 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 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 will 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 domain that can easily be used by numerous trading communities within the country and abroad.

Following is the listing 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 Elizabeth.O. Cell

Drawback

Policy Division

Policy Cell

Policy Research and Analysis

Restricted Import 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 the major activities of this authority which usually are 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 seeking to do move in Pakistan. The IEC code can be easily obtained over the regional offices by applying through post or with an online form. One additionally check for his/her application status your website of DGFT.

It maintains and updates HS Code Lists – HS Codes list from the Directorate is a distinctive numerical code assigned to be able to products and commodities for import export trading. This code is suggested while shipping commodities in one country an additional. In short it can be a particular number assigned to specific products useful for describing goods in the import export trading site.

It issues new trading policies and updates the existing ones- It lays around the required framework upon which traders and firms pursue cross border forex trading. Most of the policies 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 new clause to the preexisting policy, the amendment notification is flashed by the internet also. It is very important for a lot of the people today the international trading community to keep a tab on all these important announcements. You can easily get upgrade announcements of dgft IEC Registration Online India India on Infodrive India, a respected export import database site.