In India, Directorate General of Foreign Trade (DGFT) was incepted in the year _____.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2: 1991.
Explanation:
- The Directorate General of Foreign Trade (DGFT) was established in India in the year 1991. It is an attached office under the Ministry of Commerce and Industry.
- Background: Following the economic reforms and liberalization of 1991, the old organization known as the 'Chief Controller of Imports and Exports' (CCI&E) was reconstituted into the DGFT to make India's foreign trade policy simpler and more effective.
- Role: The DGFT is responsible for formulating and implementing India's Foreign Trade Policy. Its primary objective is to promote India's exports and to regulate foreign trade.
- Headquarters: Its headquarters is located in New Delhi, and it maintains a network of regional offices spread across the entire country.
Key Functions of DGFT (Quick Revision):
- As you prepare for examinations such as SSC CGL and Banking exams, it is crucial to remember these functions of the DGFT:
- Issuance of IEC Codes: The Importer Exporter Code (IEC)—which is mandatory to commence import or export activities from India—is issued exclusively by the DGFT.
- Export Promotion: Providing benefits to exporters through various schemes (such as MEIS, SEIS, or the current RoDTEP scheme).
- Trade Facilitation: Making licensing and other procedural processes transparent and faster through the use of digital mediums.
Important Questions for Upcoming Examinations:
Question: Under which ministry does the Directorate General of Foreign Trade (DGFT) function?
Answer: Ministry of Commerce and Industry.
Question: Who is the current Minister of Commerce and Industry of India?
Answer: Piyush Goyal.
Question: What is the name of the mandatory 10-digit identification number required for imports and exports?
Answer: IEC (Importer Exporter Code).