Directorate General of Foreign Trade:
The Government of India has updated its import policy for gold and silver to align customs tariffs with trade regulations, as notified by the Directorate General of Foreign Trade (DGFT).
- The Directorate General of Foreign Trade (DGFT) is an attached office of the Ministry of Commerce and Industry.
- It is responsible for the formulation and implementation of India’s Foreign Trade Policy (FTP).
- Headquartered in New Delhi, it operates through a network of 24 regional offices.
- Before 1991, DGFT was known as the Chief Controller of Imports & Exports (CCI&E).
- Post-liberalisation, it was restructured as DGFT to act as a trade facilitator.
- Key Functions of DGFT
- Implements India’s Foreign Trade Policy (Exim Policy) by issuing various schemes, licenses, and notifications.
- Issues the Importer Exporter Code (IEC)—a 10-digit unique code mandatory for all Indian importers and exporters.
- Regulates transit of goods across Indian borders as per bilateral treaties.
- Grants permissions for free export items listed in Schedule 2 of the export policy.
- Sets standard input-output norms to define the quantity of inputs allowed for the export of a specified quantity of output.
- Facilitates regional trade promotion, especially with neighbouring countries.
