Nowadays, global markets are more connected than ever before. This is possible because of the international trade. In India DGFT is the driving force behind the country's foreign trade. It promotes and regulates foreign trade in the country.
The Directorate General of Foreign Trade (DGFT) is a government agency in India under the Ministry of Commerce and Industry. It was established in 1991 and was set up to replace the Chief Controller of Imports and Exports (CCI&E). DGFT formulates India's foreign trade policy, issues export and import licenses, and provides support and incentives to businesses engaged in international trade. An Individual DSC for DGFT online is essential for these processes, enabling secure, authenticated, and efficient online submissions and transactions on the portal.
Documents Required for DGFT DSC
To apply for an Individual DSC for DGFT portal, you will need the following documents:
⦁ Applicant Photo
⦁ Applicant PAN
⦁ Applicant Aadhaar
⦁ Applicant Mobile Number.
⦁ Applicant Email ID
⦁ GST Registration copy (first 3 pages)
⦁ IEC copy (Importer Exporter Code)
So, get your Individual
DSC for DGFT today from
Capricorn CA to make your foreign trade secure.
Importance of DGFT in Indian Trade
Boosting Exports: By providing incentives and streamlining procedures, DGFT helps boost India's export capabilities.
Regulating Imports: It ensures that imports are lined with national interests, protecting domestic industries.
Economic Growth: Through effective trade policies and promotion, DGFT contributes to the country's overall economic growth.
Key Functions of DGFT
1.
Formulating and Implementing Foreign Trade Policy:⦁ DGFT develops policies to promote exports and regulate imports to balance the country's trade.
⦁ It issues notifications and circulars related to trade policies.
2.
Issuing Licenses and Authorizations:⦁ Grants export and import licenses for restricted goods.
⦁ It provides various certifications and authorizations needed for conducting international trade.
3.
Promoting Export Incentives:⦁ It administers schemes like the Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) to encourage exporters by providing incentives.
4.
Monitoring Export and Import Data:⦁ It collects and analyzes data related to exports and imports to inform policy decisions and track trade performance.
5.
Resolving Trade Disputes:⦁ Addresses complaints and resolves issues faced by exporters and importers.
6.
Trade Facilitation:⦁ It works to simplify procedures and reduce transaction costs to facilitate easier and faster trade processes.
How DGFT Supports Traders?
⦁ It provides an online platform for traders to apply for licenses, file returns, and access various services, making the process efficient and transparent.
⦁ DGFT has regional offices across countries and helpdesks to assist traders with their queries and issues.
⦁ Regularly update and notify, to keep traders informed about changes in policies, procedures, and regulations.
What is ITCHS?
Indian Trade Clarification based on Harmonized System (ITCHS) is a system used by the DGFT in India to classify goods for import and export purposes. It helps in determining the correct tariffs, regulations, and licensing requirements applicable to various products traded internationally.
Key Points about ITCHS:
1.
Classification System: It organizes goods clearly for global trade. It ensures that trade documents are standardized and rules apply uniformly to all products.
2.
Usage: It is used for customs purposes, tariff determination, statistical purposes, and compliance with trade regulations.
3.
Importance: Proper classification under ITCHS is crucial for determining applicable customs duties, obtaining licenses and permits, and complying with trade policies.
4.
Updates and Amendments: The ITCHS codes are periodically updated by DGFT to reflect changes in global trade practices and to accommodate new products and technologies.
Niryat Bandhu Scheme:
The "
Niryat Bandhu Scheme" is a flagship initiative launched by the DGFT, Government of India, to provide mentoring, guidance, and handholding support to new and aspiring exporters in India so, that it can contribute to the growth of the country's export sector.
Objectives of the Niryat Bandhu Scheme:
⦁
Objective: It aims to help new Indian exporters succeed globally by providing mentoring and support to boost their competitiveness and smoothly enter international markets.
⦁
Mentoring and Guidance: Under this scheme new exporters in India get detailed help and advice on international trade, including handling exports, paperwork, finding markets, and managing finances related to trade.
⦁
Training Programs: Organizes training programs, workshops, seminars, and capacity-building initiatives to educate exporters on best practices, export strategies, and market intelligence.
⦁
Facilitation of Services: It helps exporters access essential services like getting export licenses, solving trade problems, and understanding trade rules.
⦁
Handholding Support: Provides continuous support to exporters, guiding them from before they start exporting to after they finish, helping with all the paperwork and rules they need to follow.
Awareness and Outreach: It informs new exporters about government programs, export incentives, and global market opportunities.
If you are a new exporter and want to learn about
DGFT foreign trade, you can also enroll in this scheme without any registration fees. So, enroll yourself by visiting their official website.
Conclusion
Individual DSC for DGFT in India is crucial for securely handling India's rules for global trade. It helps individuals do business online and submit documents easily without any worries. This simplifies obtaining licenses, authorization process, and other trade-related approvals. Overall, the DSC certificate empowers exporters and importers by providing a reliable and legally recognized digital identity in the global marketplace. So, buy your Individual DSC for DGFT today and unlock seamless transactions for foreign trade!
