Regulations and guidelines for imports and exports in India are coordinated by DGFT. It stands for Directorate General of Foreign Trade. The DGFT looks after the procedures and principles of foreign trade policy of importers and exporters of goods in the country. Import-export training courses are an excellent way to gain knowledge about DGFT and its role. The DGFT formulates and implements the Foreign Trade Policy with the motive of promoting India’s exports. The DGFT grants export authorizations and monitors the obligations associated with them through a network of 24 regional offices. To increase exports, the DGFT implements necessary laws with the help of foreign trade consultants like issuing export licenses, introducing trade incentives, and cultivating relationships with other nations.
Implement Foreign Trade Procedures
To exhibit everything in a streamlined analysis is necessary for the completion of a task or target on a large scale. The Director General of Foreign Trade is responsible for maintaining specific trade procedures to avoid any confusion to the country as well as to the trading industry.
The functions of DGFT and its regional offices throughout the country are as follows:
1. To imply the Exim Policy or Foreign Trade Policy of India by bringing about different schemes and guidelines with its network of DGFT regional offices throughout the country.
2. DGFT plays its role in coordination with state governments and the Ministry of Commerce and Industry, and its sections by the Government of India.
3. To permit Exporter Importer Code Number to Indian Exporter and Importers. Now IEC Number is a unique 10-digit code necessary for the traders or manufacturers for the functions of import and export in India.
4. DGFT IEC Codes is a compulsion for performing import-export trade operations and access companies to access profits on their imports/exports, Indian customs, export promotion council, etc. in India.
5. DGFT allows regulatory Transit of Goods from India or to other countries besides India in following the bilateral treaties between India and other countries
6. DGFT plays a vital role in promoting trade with neighboring countries.
7. Functions like setting significant input-output norms are also controlled by the DGFT.
8 Any formulation or addition and changes of new codes in ITC-HS Codes are also led by DGFT (Directorate General of Foreign Trade).
Implementation of EXIM Policy/ Foreign Trade Policy
The policies related to foreign trade are performed by the Directorate General of Foreign Trade of India with the guidance of an international trade consultant. Ensuring an adequate implementation of the trading policy is vital, and this is the primary role of the body as India is the fastest growing country in trading as well as in population.
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