What is the Directorate General of Foreign Trade (DGFT) and what steps are necessary to successfully import goods into India?

The Directorate General of Foreign Trade (DGFT) is the body which oversees India’s Export-Import (EXIM) policy. In order to bring goods into India, importers are required to register with the DGFT and receive an Importer Exporter Code (IEC). Furthermore, many goods (ranging from jewelry to petrochemical products) require additional licensing approval, or import through state sanctioned bodies such as the State Trading Corporation (STC). Finally, the appropriate Bill of Entry must be submitted to the customs authority.