DGFT stands for Directorate General of Foreign Trade, which is a government organization responsible for framing all policies regarding export and import in Asia. They are entrusted with the responsibility of implementing various policies regarding trade for example, Foreign Trade Policy or the Exam Policy with significant objective of promoting export and import related activities in India.
This Directorate lays over the very framework upon which traders and companies can import or export within India. They issue the IEC which is the Importer Exporter Code, which is a primary requirement for company or venture capitalist wanting to trade in India. The Directorate is currently headed by R S Gujral. Form for applying and becoming a recognized member are easily discovered at regional offices around the state and all notifications are updated on the internet from time to working hours.
DGFT has many functions which primarily include implementing various trade policies and introducing different schemes regarding trade benefits throughout the world. The Directorate allows and regulates Transit of Goods to other countries in accordance with the trade treaties with the countries. They also grant the 10 digit IEC which is a principal requirement for any trader wanting to carry out import and export related businesses in India. Nevertheless also laying a associated with importance on Foreign Trade Documents required for IEC Code Registration India it is gaining a lot of prominence in the recent certain times.
Whenever the organization makes any amendment or introduces a new clause to the preexisting policy or introduces a new policy, on the one hand about the notifications throughout the internet also. Recent notifications include prohibition on any milk or milk products being imported from China, amendments in the Exam policy, a new standard for import and export of radial tires, various other major amendments in ITC HC policies and standard code of conduct, prohibition on export of non-basmati rice and other major amendments. Other notifications include amendments regarding classification of imported and exported goods under the ITC HC and changes in the terms and standards from the trade process.
Directorate General of Move – Export import data plays a very integral role in the reduce trading relations with similar nations and thus help improving not only the economic growth but also a new certain impetus needed previously trade industry. This organization ably manages the trade process in and associated with the country and helps the country in various ways.