DGFT India Directorate General of Foreign Trade.
DGFT or Directorate General of Foreign Trade is a government organization in India responsible for the formulation of exim guidelines and principles for indian importers and indian exporters of the country. Before 1991, DGFT was known as the Chief Controller of Imports & Exports (CCI&E).
Functions of DGFT
Some of the major functions of DGFT and its regional offices through out the country are as follows:
- To implement the Exim Policy or Foreign Trade Policy of India by introducing various schemes and guidelines through its network of dgft regional offices thought-out the country. DGFT perform its functions in coordination with state governments and all the other departments of Ministry of Commerce and Industry, Government of India.
- To Grant Exporter Importer Code Number to Indian Exporter and Importers. IEC Number is a unique 10 digit code required by the traders or manufacturers for the purpose of import and export in India. DGFT IEC Codes are mandatory for carrying out import export trade operations and enable companies to acquire benefits on their imports/exports, indian customs, export promotion councils council etc in India.
- DGFT permits or regulate Transit of Goods from India or to countries adjacent to India in accordance with the bilateral treaties between India and other countries.
- To promote trade with neighboring countries.
- To grant the permission of free export in Export Policy Schedule 2.
- DGFT also play an important role in controlling DEPB Rates.
- Setting standard input-output norms is also controlled by the DGFT.
- Any changes or formulation or addition of new codes in ITC-HS Codes are also carried out by DGFT (Directorate General of Foreign Trade).
Apart from the above, DGFT also acts as a trade facilitator. It also deals with the quality complaints of the foreign buyers. Officials DGFT works in close coordination with other related economic offices like Customs Commissionerates, Central Excise authorities, DRI authorities and Enforcement Directorate.
DGFT Digital Signature
In the year 2004, DGFT has also introduced the digital signature. DGFT