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 and even the Exam Policy with crucial objective of promoting export and import related activities in India.
This Directorate lays for the very framework upon which traders and companies can import or export within India. They issue the IEC Code Online Application India which is the Importer Exporter Code, in which a primary requirement regarding any company or venture capitalist wanting to trade in India. The Directorate will now be headed by R S Gujral. Form for applying and becoming a recognized member are easily purchased at regional offices around the continent 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 other countries in accordance with the trade treaties with the countries. 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 days to weeks.
Whenever the organization makes any amendment or introduces a new clause for any preexisting policy or introduces a new policy, fantastic 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, some 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 with the trade process.
Directorate General of Move – Export import data plays a very integral role in the reduce trading relations with a few other nations and thus assistance with improving not only economic downturn and the growth but also provides a certain impetus needed as trade industry. This organization ably manages the trade process in and regarding your the country and helps the country in many ways.