DGFT is India’s official body for regulations and guidelines for imports and exports. DGFT stands for Directorate General of Foreign Trade. The DGFT oversees the guidelines and principles for both importers and exporters of goods in the country. There are many ways to understand about DGFT but import export training courses are best way to gain knowledge. The DGFT formulates and implements the Foreign Trade Policy with the aim 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 know more about it join our export import training and start your trade. To increase exports, the DGFT implements necessary laws, issues export licenses, introduces trade incentives, and cultivates relationships with other nations. Here we have discussed some major role of DGFT that you should be aware about-
Role of DGFT-
- Develop and implement the EXIM policy/foreign trade policy
- Provide IEC codes to exporters and importers
- Creating and maintaining ITC-HS codes
- Issuing licenses for exports of restricted items
- To regulate the transit of goods
- Promotional scheme formulation and implementation.
- Allocating the tariff rate quota
- Promoting trade with neighbour countries
- It provides funds to export promotion councils, agencies of states, and industry and trade associations.
- Controlling DEPB rates
- It also helps states to develop their infrastructure for exports.
- Provide information on goods which can and cannot be exported freely under Export Policy Schedule 2.
- DGFT is responsible for issues such as notifications, notices, circulars, etc.
- Financial assistance for the development of marketing and addressing expenses relating to trade.
- The platform for updating eBRC
- Analysing policies and conducting research.
- Regulation, restriction, or prohibition of exports and imports.
- Providing towns with amenities to help them grow, and identifying their potential for export.
Conclusion-
By enhancing economic growth, DGFT also provides a certain impetus in the trade industry. DGFT was formerly known as the Chief Controller of Imports & Exports, before 1991. If you need help understanding the policies, Digital Exim can help you. We can guide you to solve all of your problems related to import export business. To know more on the topic, you can join our live webinar. Click the link given below to join and start your business in just 60 days. https://chat.whatsapp.com/Bqz4SWH55nSGtKj3GnJAC8 Do give us a visit!
