Know More About DGFT and Its Various Functionalities

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DGFT stands for Directorate General of Foreign Trade, which is a government organization responsible for framing all policies regarding export and import in India. They are entrusted with the responsibility of implementing various policies regarding trade for example, Foreign Trade Policy or the Exam Policy with the major objective of promoting export and import related activities in India.

This Directorate lays down 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 any 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 available at regional offices around the country and all notifications are updated on the internet from time to time.

DGFT has many functions which primarily include implementing various trade policies and introducing different schemes regarding trade benefits throughout the country. The Directorate allows and regulates Transit of Goods to various other countries in accordance with the trade treaties with the countries. They also grant the 10 digit IEC which is a primary requirement for any trader wanting to carry out import and export related businesses in India. They are also laying a lot of importance on Foreign Trade for it is gaining a lot of prominence in the recent times.

Whenever the organization makes any amendment or introduces a new clause to any preexisting policy or introduces a new policy, it brings about the notifications on 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 of the trade process.

Directorate General of Foreign Trade - Export import data plays a very integral role in the development of trading relations with various other nations and thus help in improving not only the economic growth but also provides a certain impetus needed in the trade industry. This organization ably manages the trade process in and out of the country and helps the country in many ways.

Jayden is expert financial advisers and writes mainly about international trade, helps people by providing valuable information on export import data.