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India’s import related decisions are taken by the various import export governing bodies. These governing bodies prepare list of the products which are allowed or prohibited for import or export in India. These governing bodies also decide the maximum quantity in which goods can be imported and tax on it. Indian EXIM Policy contains various policy related decisions taken by the government with respect to imports and exports of the country. India's Export Import Policy also known as Foreign Trade Policy.
Ministry of Commerce and Industry
The Ministry of Commerce and Industry is formulating and implementing the foreign trade policy in matter related to Import and Export. The department is assigned for the responsibilities relating to multilateral and bilateral commercial relations, state trading, export promotion measures, and development and regulation of certain import oriented industries and commodities.
The Ministry of Commerce and Industry controls two departments:
1. Department of Commerce
2. Department of Industrial Policy & Promotion
These two department works for betterment of the country’s economic growth.
Following topics are under the control of the department:
• International trade
• Foreign Trade
• State trading
• Management of Indian Trade Services
• Special Economic Zones
Directorate General of Foreign Trade (DGFT)
Directorate General of Foreign Trade (DGFT) is a government organization of India and is responsible for the formulation of EXIM guidelines and principles for Indian importers and exporters. Before 1991, DGFT was known as the Chief Controller of Imports & Exports (CCI&E).
Main functions of DGFT:
• Implement EXIM Policy or Foreign Trade Policy through various guidelines and schemes.
• Issues IEC Code number to Indian Exporters and Importers. IEC Code no. is a unique 10 digit code no. which mandatory for every Indian Exporter and Importer.
• Controls DEPB rates
• Deals with the quality complaints of the foreign buyers
• DGFT works in close coordination with other related economic offices like Customs Commissionerates, Central Excise authorities, DRI authorities and Enforcement Directorate
• Change, add or formulate new ITC-HS Codes
Central Board of Excises Customs (CBEC)
Customs and Excise department comes under the Department of Revenue, Ministry of Finance and Government of India. CBEC deals with the tasks of formulation of policy concerning levy and collection of Customs and Central Excise duties, prevention of smuggling and administration of matters relating to Customs, Central Excise and Narcotics to the extent under CBEC's purview. CBEC is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise Commissionerates and the Central Revenues Control Laboratory.
On one side, CBEC raises money through custom duty for the Central Government and on the other side; it helps the government in controlling the illegal import and export of goods.
Objectives of Custom Duties
• Controls import for conserve foreign exchange
• Protect the Indian industry from unnecessary competition
• Prohibit excessive imports and exports of goods for attain the policy objectives of the government
• Regulate import and export
• Prevent smuggling
• Coordinate legal provisions with other laws dealing with foreign exchange such as Foreign Trade Act, Foreign Exchange Regulation Act, Conservation of Foreign Exchange and Prevention of Smuggling Act, etc.