Thursday, April 05, 2018

Economics Special: Directorate General of foreign Trade (DGFT)

DGFT is the agency of the Ministry of Commerce and Industry, responsible for execution of the import and export Policies of India. It was earlier known as Chief Controller of Imports & Exports (CCI&E) till 1991. DGFT plays a very important 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. For promoting exports and imports DGFT has established its regional offices across the country.

  • It’s headquartered in Udyog Bhavan, New Delhi. 
  • Under its jurisdiction, there are four Zonal Offices at Delhi, MumbaiKolkata and Chennai headed by Zonal Joint Director General of Foreign Trade.
  • There are 35 Regional Authorities all over the country.

Functions and responsibilities.

  1. Implementing various policies regarding trade for example, Foreign Trade Policy.
  2. Licensing authority for exporters, importers, and export and import business.
  3. Prohibits, restricts and regulates exports and imports.
  4. Grants 10 digit IEC (Importer Exporter Code), which is a primary requirement to Import Export.
  5. It introduced ITC (HS CODE) schedule-1 for import items in India and Schedule-2 for Export items from India.

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