Directorate General of Foreign Trade (DGFT) organisation is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade. Right from its inception till 1991, when liberalization in the economic policies of the Government took place, this organization has been essentially involved in the regulation and promotion of foreign trade through regulation.
Keeping in line with liberalization and globalization and the overall objective of increasing of exports, DGFT has since been assigned the role of “facilitator”. The shift was from prohibition and control of imports/exports to promotion and facilitation of exports/imports, keeping in view the interests of the country.
The Importer -Exporter Code (IEC) is a key business identification number which is mandatory for Exports or Imports. No person shall make any import or export except under an IEC Number granted by the DGFT. In case of import or export of services or technology, the IEC shall be required only when the service or technology provider is taking benefits under the Foreign Trade Policy or is dealing with specified services or technologies
The nature of the firm obtaining an IEC may be any of the follows- “Proprietorship, Partnership, LLP, Limited Company, Trust, HUF and Society.” Consequent upon introduction of GST, IEC number is the same as the PAN of the firm. The IEC would be separately issued by DGFT.
- Fire Arms and ammunition
- Live birds and animals
- Fruits and plants
- Silver and Gold
- Telephone and telephony equipment of restricted frequencies
- Medicines and Drugs
- Certain Animals- Camel, Horses, etc.
- Semi processed Hides and Skin
- Sand Soil
And many more…
DGFT Digital Signature Certificate is specially required for EXIM Organizations who are having Import Export Code(IEC) in India. DGFT Digital Signature can only be Issued to Organization with only Signing Certificate. IEC Code is mandatory to obtain a DGFT Digital Signature Certificate and it is used for the import export of the products.
All goods, import of which is permitted only with an Authorization / License or in accordance with the procedure prescribed in a notification / public
notice are ‘Restricted’ goods.
Import restrictions refer to various tariff and non-tariff barriers imposed by an importing nation to control the volume of goods coming into the country from other countries. Import restrictions are adopted to maintain the exchange rate of the country’s currency.