Those who are involved in import export trading are well aware of the term DGFT Indiathat stands for Director General of Foreign Trade, India. Functioning under 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 the country are one of the 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 is the Zonal Office (North Zone) that has nine Regional offices under its jurisdiction. DGFT Delhi is engaged in providing benefits to the Exporters/Importers by way of many 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 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 of numerous activities related to the department:
Duty Exemption Scheme
Export Promotion Capital Goods
Cash Assistance, Appeal E.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 are mandate for import export traders include:
Issue of IECnumber – IEC stands for Importer Exporter Code issued by the directorate, which is a primary requirement for any company or venture capitalist wanting to do foreign trade in India. The IEC code can be easily obtained from the regional offices by applying through post or via an online application form. One can also 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 unique numerical code assigned to various products and commodities for import export trading. This code is mandatory while shipping commodities from one country to another. In short it is a particular number assigned to particular products used for describing goods in the import export trading platform.
It issues new trading policies and updates the existing ones– It lays down the required framework upon which traders and companies pursue cross border 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 the policies.
Whenever the Directorate makes any new amendment or introduces a new clause to any preexisting policy, the amendment notification is flashed on the internet as well. It is very important for all the members of the international trading community to keep a tab on all these important announcements. You can easily get the latest announcements of DGFT India on Infodrive India, a leading export import database site.