Latest news with #DGFT
Time of India
a day ago
- Business
- Time of India
India-UK trade deal will benefit Gujarat greatly: Gujarat industries minister Balvantsinh Rajput
Ahmedabad: Gujarat industries minister Balvantsinh Rajput said that Gujarat-based industries will get a huge benefit from the India-UK trade deal, and various sectors will see fast growth. He emphasised that there is a need to bring down the logistics cost, and the state govt is working on it. Addressing a gathering at the 'Focused Discussion on the India-UK Comprehensive Economic & Trade Agreement (Ceta)' jointly organised by the industries and mines department, GCCI, and directorate general of foreign trade (DGFT), Rajput added that Ceta will further add momentum towards becoming the third biggest world power. He mentioned that industries like plastics, textiles, and chemicals will gain a lot through this agreement. GCCI president Sandeep Engineer said that Ceta was a significant milestone in India's engagement with the UK and reflects a shared commitment to strengthening economic integration. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad Principal secretary (industries and mines) Mamta Verma, said that this agreement will be of huge advantage to Gujarat in its mission to increase exports multifold. Industries commissioner Swaroop P said that Gujarat leads exports with prominence in sectors like mineral fuel and oils, paper products, electrical machinery and equipment, pharmaceuticals, gems and jewellery, ceramics, and nuclear reactors, boilers and machinery. DGFT joint director (Ahmedabad) Rahul Singh said that over the past three financial years, India's trade with the UK showed an overall positive trajectory in exports, indicating a shift towards a more favourable trade balance for India.
Time Business News
3 days ago
- Business
- Time Business News
Complete Guide to Apply for IEC Code: Your Gateway to International Trade
In today's interconnected global economy, businesses seeking to expand beyond domestic borders must navigate various regulatory requirements. For Indian entrepreneurs and companies looking to engage in international trade, obtaining an Import Export Code (IEC) is not just beneficial—it's mandatory. This comprehensive guide will walk you through everything you need to know about IEC code registration and how to apply for IEC code efficiently. The Import Export Code is a unique 10-digit identification number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. This code serves as a business passport for international trade, enabling Indian businesses to legally import goods from or export goods to foreign countries. Since the implementation of GST, the IEC number has been aligned with the PAN (Permanent Account Number), making the process more streamlined and reducing bureaucratic complexities. The import export code comes with lifetime validity, meaning once obtained, businesses don't need to worry about renewals or expiry dates. IEC code registration is legally required for several reasons: Legal Compliance: Under the Foreign Trade Policy of India, any entity engaged in import or export activities must possess a valid IEC code. Trading without this code can result in penalties and legal complications. Customs Clearance: The IEC code is essential for customs clearance of goods at ports, airports, and land borders. Without it, your shipments cannot be processed through Indian customs. Banking Transactions: Banks require the IEC code for processing foreign exchange transactions related to import and export activities. This includes opening letters of credit, making foreign payments, and receiving export proceeds. Government Benefits: Various government schemes and incentives for exporters and importers are linked to IEC registration. These include export promotion schemes, duty drawback benefits, and special economic zone (SEZ) benefits. The beauty of IEC code registration lies in its accessibility. Various types of business entities can apply for IEC code: Sole Proprietorships : Individual entrepreneurs can register for IEC using their personal PAN card : Individual entrepreneurs can register for IEC using their personal PAN card Partnership Firms : Registered and unregistered partnerships can obtain IEC codes : Registered and unregistered partnerships can obtain IEC codes Private and Public Limited Companies : Corporate entities of all sizes are eligible : Corporate entities of all sizes are eligible Limited Liability Partnerships (LLPs) : Modern business structures can also register : Modern business structures can also register Trusts and Societies : Non-profit organizations engaged in trade can apply : Non-profit organizations engaged in trade can apply Hindu Undivided Families (HUFs): Traditional family business structures are eligible When you decide to apply for IEC code, ensure you have the following documents ready: Primary Documents: PAN card of the applicant (individual/entity) Aadhaar card copy of the applicant or authorized signatory Recent passport-size photograph of the applicant Address Proof Documents: Property ownership documents (sale deed, property card) Rent agreement (if premises are rented) Electricity bill or utility bill (not older than 2 months) Bank statement showing the registered address Business-Specific Documents: Certificate of incorporation (for companies) Partnership deed (for partnerships) Trust deed (for trusts) Bank account details and cancelled cheque The process to apply for IEC code has been digitized for convenience and efficiency: Step 1: Online Application Visit the official DGFT website or authorized service provider portal. Fill out the online application form (ANF 2A) with accurate business and personal details. Ensure all information matches your supporting documents. Step 2: Document Upload Upload clear, legible copies of all required documents in the specified format (usually PDF or JPEG). Pay attention to file size limits and image quality requirements. Step 3: Fee Payment Pay the prescribed fee online through net banking, credit card, or debit card. The current fee structure includes government fees and service charges. Step 4: Application Submission Review all entered information carefully before final submission. Once submitted, you'll receive an acknowledgment receipt with a reference number. Step 5: Processing and Verification The DGFT processes applications within 7-10 working days. During this period, officials may contact you for additional information or clarification. Step 6: IEC Certificate Issuance Upon successful verification, your import export code certificate will be issued and sent to your registered email address. IEC code registration opens numerous opportunities for businesses: Global Market Access: With a valid IEC code, businesses can explore international markets, source raw materials globally, and sell products worldwide. Competitive Advantage: Access to international suppliers often means better pricing, quality, and variety of products, giving businesses a competitive edge in domestic markets. Export Incentives: The government offers various export promotion schemes, including duty drawback, export promotion capital goods (EPCG) scheme, and advance authorization scheme. Banking Facilities: Banks offer specialized trade finance products like letters of credit, export credit, and foreign exchange services to IEC holders. Customs Benefits: Certain customs procedures and clearances become more streamlined for registered importers and exporters. While the process to apply for IEC code is straightforward, applicants often face certain challenges: Documentation Issues: Incomplete or incorrect documents are the most common reason for application rejection. Solution: Carefully review document requirements and ensure all papers are current and accurate. Technical Difficulties: Online portal issues can sometimes delay applications. Solution: Use reliable internet connections and try submitting during non-peak hours. Address Verification: Mismatched addresses between different documents can cause problems. Solution: Ensure consistency across all documents and update any outdated information. Bank Account Details: Incorrect or inactive bank account information can lead to delays. Solution: Verify bank account details and ensure the account is operational. Once you've successfully completed IEC code registration, maintaining compliance is crucial: Annual Returns: While IEC doesn't require renewal, businesses must file annual returns (ANF 2B) with DGFT, providing details of import-export transactions. Profile Updates: Any changes in business structure, address, or authorized signatories must be updated in the IEC profile through the DGFT portal. Transaction Compliance: All import-export transactions must comply with foreign trade policy guidelines and FEMA regulations. The Indian government continues to simplify the import export code registration process through digital initiatives. Recent developments include: Integration with other government databases for faster verification Simplified online procedures reducing processing time Enhanced customer support through dedicated helplines Mobile-friendly application interfaces While businesses can apply for IEC code directly through government portals, many choose professional service providers for convenience and expertise. When selecting a service provider, consider: Experience and track record in IEC registrations Transparency in fee structure Customer support quality Processing time commitments Post-registration support services IEC code registration is your gateway to participating in India's growing international trade ecosystem. With the country's focus on becoming a global manufacturing hub and increasing export targets, having an import export code positions your business for tremendous growth opportunities. The process to apply for IEC code has become more streamlined and user-friendly, making it accessible to businesses of all sizes. Whether you're a startup looking to source materials internationally or an established company planning to export products, obtaining your IEC code is the first step toward global success. Remember, in today's competitive business environment, those who expand beyond borders often achieve the greatest success. Your import export code is not just a regulatory requirement—it's an investment in your business's future growth and global competitiveness. Start your IEC code registration journey today and unlock the vast potential of international trade for your business. TIME BUSINESS NEWS
&w=3840&q=100)
Business Standard
21-07-2025
- Business
- Business Standard
28 states, UTs form export strategy to promote outbound shipments: Official
As many as 28 states and Union Territories (UTs) have formulated their export strategy with a view to promoting the country's outbound shipments, an official said on Monday. The official also said all 36 states and UTs have constituted State Export Promotion Committee (SEPC) and District Export Promotion Committee (DEPC). Further, a draft district action plan has been prepared by the regional authorities of the Directorate General of Foreign Trade (DGFT) for 590 districts. Out of this, 249 are formally notified by DEPCs. These plans include a broad strategy for promotion of exports from districts, the official said. The Centre is promoting states to engage in export promotion activities as it would help boost domestic manufacturing and job creation. "State export strategy has been prepared in 28 states/UTs," the official added. These include Uttar Pradesh, Maharashtra, and Karnataka. In the Foreign Trade Policy (FTP) 2023, the DGFT has included the 'Districts As Export Hubs' initiative with an aim to channelise the potential and diverse identity of each district of the country to make them export hubs. Towards this goal, the products and services with export potential in all the districts of the country have been identified, and an institutional mechanism in the form of SEPC at the state/UT level and DEPCs at the district level has been created in all districts to provide support for export promotion and address the bottlenecks for export growth. District export action plans are being prepared for identified products and services, to benefit both producers and manufacturers - addressing challenges to export, identifying infrastructural bottlenecks, supply chain gaps, improving market accessibility and providing handholding for increasing exports. India's exports remained flat at USD 35.14 billion in June due to global economic uncertainties, while the trade deficit narrowed to a four-month low of USD 18.78 billion during the month. During April-June 2025-26, exports increased 1.92 per cent to USD 112.17 billion, while imports rose 4.24 per cent to USD 179.44 billion.
Time of India
21-07-2025
- Business
- Time of India
28 states, UTs formulate export strategy to promote India's outbound shipments: Official
As many as 28 states and Union Territories (UTs) have formulated their export strategy with a view to promoting the country's outbound shipments, an official said on Monday. The official also said all 36 states and UTs have constituted State Export Promotion Committee (SEPC) and District Export Promotion Committee (DEPC). Explore courses from Top Institutes in Select a Course Category healthcare Digital Marketing CXO Product Management Data Science Data Science PGDM Operations Management MBA Public Policy others Project Management Data Analytics Others Cybersecurity Degree Design Thinking Healthcare Finance Technology Leadership Artificial Intelligence MCA Management Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details Further, a draft district action plan has been prepared by the regional authorities of the Directorate General of Foreign Trade (DGFT) for 590 districts. Out of this, 249 are formally notified by DEPCs. These plans include a broad strategy for promotion of exports from districts, the official said. Live Events The Centre is promoting states to engage in export promotion activities as it would help boost domestic manufacturing and job creation. "State export strategy has been prepared in 28 states/UTs," the official added. These include Uttar Pradesh , Maharashtra, and Karnataka. In the Foreign Trade Policy (FTP) 2023, the DGFT has included the 'Districts As Export Hubs' initiative with an aim to channelise the potential and diverse identity of each district of the country to make them export hubs. Towards this goal, the products and services with export potential in all the districts of the country have been identified, and an institutional mechanism in the form of SEPC at the state/UT level and DEPCs at the district level has been created in all districts to provide support for export promotion and address the bottlenecks for export growth. District export action plans are being prepared for identified products and services, to benefit both producers and manufacturers - addressing challenges to export, identifying infrastructural bottlenecks, supply chain gaps, improving market accessibility and providing handholding for increasing exports. India's exports remained flat at USD 35.14 billion in June due to global economic uncertainties, while the trade deficit narrowed to a four-month low of USD 18.78 billion during the month. During April-June 2025-26, exports increased 1.92 per cent to USD 112.17 billion, while imports rose 4.24 per cent to USD 179.44 billion.
Mint
17-07-2025
- Business
- Mint
Piyush Goyal urges Indian missions abroad to sharpen trade strategy, push exports
New Delhi: Commerce and industry minister Piyush Goyal on Thursday urged Indian missions to ensure sharper trade intelligence, stronger global partnerships, and a coordinated push to boost India's exports and investment flows. He was interacting with Heads of Commercial Wings in 74 Indian Missions across 61 countries, the commerce ministry said in a statement. In a virtual interaction, Goyal reviewed trade promotion efforts and challenges in key markets, urging diplomats to act as the frontline of India's commercial diplomacy. 'Missions are our first economic responders,' Goyal said adding that their role is critical in deepening India's trade linkages and promoting Brand India globally. The minister underscored the need for real-time market intelligence, regular dissemination of trade advisories, and strategic interventions to address non-tariff barriers. He highlighted four key pillars — investment, trade, tourism, and technology — as central to India's growth journey, as articulated by Prime Minister Narendra Modi. Goyal also called for closer alignment between Missions andt the Department of Commerce through digital platforms like the DGFT's Trade Connect, and greater collaboration with Export Promotion Councils and industry to scale up outcomes under initiatives like Make in India and the PLI scheme, the commerce ministry said. Missions were also encouraged to share successful trade and investment promotion models to inspire cross-learning. Commerce Secretary Sunil Barthwal, who opened the session, reaffirmed the critical role of Missions in achieving India's long-term export and investment goals under the Vision 2047 framework. The meeting also took stock of resource needs, staffing of commercial officers, and improving on-ground coordination to strengthen India's economic presence abroad.
