DGFT
DGFT – Director General of Foreign Trade
Directorate General of Foreign Trade (DGFT), formerly known as the Chief Controller of Imports and Exports (CCI&E), is India’s official administrating body for imports and exports. It is an attached office of the Department of Ministry and Commerce and is headquartered in New Delhi. Its zonal offices are situated at Delhi, Mumbai, Kolkata and Chennai. DGFT is accountable for implementing the Foreign Trade Policy, with the primary objective of promoting the Nation’s exports.
Functions of DGFT
- Formulation and Implementation of various trade policies, particularly the Foreign Trade Policy.
- Formulation and implementation of promotional schemes.
- Conducting research and analysis on policies.
- Licensing of imports and exports.
- Regulate, restrict or prohibit exports and imports.
- Play an advisory role to the Government on Policy measures pertaining to national and international economic scenarios.
- Establish and control the standard norms for input and output.
- To allocate Import Export Code (IEC) numbers to importers and exporters.
- To allocate the Tariff Rate Quota.
- Assisting states to develop their infrastructure for exports.
- Identifying towns potential for export, and providing them with amenities for growth.
- Funding export promotion councils, industry and trade associations, agencies of state governments etc on their various endeavors.
- Financial aid for development in marketing and meeting expenses for matters related to trade.
- Development of Export Oriented Units, Special Economic Zones, Technology and Bio-Tech parks for the purpose of importing capital goods and services at a discounted rate of customs duty.
IEC Code
Importer Exporter Code (IEC) must be obtained by all exporters and importers who are engaged in the import or export of commodities. IEC is valid for the entire lifetime of the individual or entity, and hence need not be renewed. Processing of IE code applications is one of the major tasks undertaken by the DGFT Department.
SCOMET List
Some items are enlisted under Special, Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET). Scomet list comprises of eight categories of sensitive items, which includes toxic chemical agents, micro-organismsi, toxins, aerospace systems, information technology, nuclear materials, nuclear-related other materials, equipment’s and technology. These items can be utilized for civilian and military purposes. Exports of items under this list are stringently regulated by DGFT.
Foreign Trade Policy
The Foreign Trade Policy is completely administered and managed by DGFT. The Government, through the policy, primarily focuses on adopting a twin strategy of promoting traditional and sunrise sectors of exports including services. Further, it intends to simplify the process of doing business.