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Consider the following statements regarding the Directorate General of Foreign Trade:
1. It is responsible for granting the Exporter Importer Code Number to Indian exporters and importers.
2. It works under the Ministry of Commerce and Industry.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Directorate General of...
The Directorate General of Foreign Trade (DGFT) has granted an exemption to the import of certain goods, including viscose staple fibre and numerous steel items, from quality control orders (QCOs) under the advance authorisation scheme.
- It is a government organization in India responsible for the formulation of exim guidelines and principles for indian importers and indian exporters of the country.
- Before 1991, DGFT was known as the Chief Controller of Imports & Exports (CCI&E).
- It is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade.
- It has been assigned the role of "facilitator".
- It is responsible for implementing the Foreign Trade Policy or Exim Policy with the main objective of promoting Indian exports.
- The DGFT also issues scrips/authorization to exporters and monitors their corresponding obligations through a network of 24 regional offices.
- Functions
- To implement the Exim Policy or Foreign Trade Policy of India by introducing various schemes and guidelines through its network of dgft regional offices thought-out the country.
- To Grant Exporter Importer Code Number to Indian Exporter and Importers. IEC Number is a unique 10 digit code required by the traders or manufacturers for the purpose of import and export in India.
- It permits or regulate Transit of Goods from India or to countries adjacent to India in accordance with the bilateral treaties between India and other countries.
- To promote trade with neighboring countries.
- To grant the permission of free export in Export Policy Schedule 2.
- Setting standard input-output norms is also controlled by the DGFT.
- Headquarter: New Delhi
Hence both statements are correct.
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Consider the following statements regarding the Directorate General of Foreign Trade:1. It is responsible for granting the Exporter Importer Code NumbertoIndian exporters and importers.2. It works under the Ministry of Commerce and Industry.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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