Who regulates export/import in India?
DGFT or Directorate General of Foreign Trade is a government organisation in India responsible for the formulation of guidelines and principles for importers as well as exporters of country. Preparation, formulation and implication of Exim Policies are one of the main functions of DGFT.
What are the import policies in India?
A comprehensive overview of EXIM procedures can be found on the Indian Directorate of General Valuation’s website.
- Bill of Entry.
- Basic Customs Duty.
- IGST and Compensation Cess.
- Anti-Dumping Duty.
- Safeguard Duty.
- Protective Duty.
- Social Welfare Surcharge.
Can I get import export Licence in India?
Anyone looking to start an import/export business in the country must obtain an IEC (Import Export Code). The DGFT is in charge of issuing it (Director General of Foreign Trade). IEC is a 10-digit code that is valid for a lifetime.
What are the requirements for import export business in India?
Requirements for Starting an Import-Export Business in India
- PAN card.
- Company registration certificate.
- Business bank account.
- Registration Cum Membership Certificate (RCMC)
- Import Export Code (IEC)
What is DGFT license?
DGFT through its power under the FTDR Act notifies various restrictions or quota or conditions on import of goods into India. These restrictions may require a licence or registration be applied for and approved prior to the given imports.
Do I need export license in India?
For the export of any goods classified as ‘restricted goods’ in this ITC-HS list, an Export License is required. The Foreign Trade Policy (FTP) considers all goods as freely exportable except those that are restricted or prohibited.
What are the rules for export and import?
Export Import Policy or better known as Exim Policy is a set of guidelines and instructions related to the import and export of goods. The Government of India notifies the Exim Policy for a period of five years (1997-2002) under Section 5 of the Foreign Trade (Development and Regulation Act), 1992.
What is export policy of India?
Indian Export Policy. As per Schedule – 2 of Indian Trade Clarification (Harmonised System) Export Policy, 2018, all commodities / items have been categorized into three categories namely (i) free (ii) prohibited; and (iii) restricted. Barring a few items, all items are free for export.
When IEC required?
IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code that has lifetime validity.
Why IEC is required?
An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted.
How can I get import license in India?
Steps Involved in IEC (Import/Export Code) Registration
- Visit the DGFT website.
- Click on the ‘Services’ tab on the homepage.
- Select the ‘IEC Profile Management’ option from the drop-down list.
- A new page will open.
- Click on the ‘Register’ option.
- Enter the OTP and click on the ‘Register’ button.
What is EPCG?
The objective of the Export Promotion Capital Goods (EPCG) Scheme is to facilitate import of capital goods for producing quality goods and services and enhance India’s manufacturing competitiveness. EPCG Scheme allows import of capital goods for pre-production, production and post-production at zero customs duty.
What is IEC code?
What is import Licence in India?
What Is Import Licence? When an exporter wants to trade in foreign goods, he needs authorization from proper authority i.e. DGFT. When DGFT approves exporter such license it is known as Import License.
What is FTP policy?
Foreign Trade Policy is a set of guidelines and instructions established by the DGFT in matters related to the import and export of goods in India. The Government of India, Ministry of Commerce and Industry announces Export Import Policy every five years. The new FTP (2015-20) came into force w.e.f 01/04/2015.
What is ECGC policy?
ECGC is essentially an export promotion organization, seeking to improve the competitiveness of the Indian exports by providing them with credit insurance covers. The Corporation has introduced various export credit insurance schemes to meet the requirements of commercial banks extending export credit.