DGFT India – Important Functions Of The Board

Director General of Foreign trade or DGFT is the governing board that any set of guidelines and framework for importers and exporters trading in The indian subcontinent. Framing rules and policies and implementing the formulated rules for governing the flow of Foreign Trade is the major task of this board. Following are some of nearly all functions that are of great relevance for traders:

Notifications and Circulars

DGFT India issues Notifications, Public Notices, Circular and Notices, which are of prime importance for import export traders. These notifications are actually the announcements made by the board for introducing changes made in existing plans. It is the first and foremost concern of every trader comprehend the interim trade policies that may be crucial for your business. For example – suppose an exporter has been exporting Leather Garments to Nigeria. One of the many latest Notifications issued by DGFT reads that all export import activities commencing to or from Nigeria are blocked for good. The Leather Garments exporter must cease all his is about the country as soon as the announcement is fashioned. Therefore, the traders must keep a tab on all the past algorithm update announcements of this board preserve huge mishaps.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the optimal requirement for starting an import export business. Some other words, it’s the permit written by this board to any bonafide person/ company for starting a venture of import export trade. This code is like an identification ID issued to every importer exporter of the usa. Without ICE code, nobody can pursue a upload transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board freely available flow of foreign job. These guidelines have been carried out improve the intensity of Import Export trading. Prime objectives with the EXIM Policy includes Special Focus on Initiatives, General Provisions Regarding Import and Export, Promotional Measures, Duty Exemption / Remission Schemes, Export Promotion Capital Goods Scheme, Export Oriented Units (EOUs), Special Economic Zones, Free Trade and Warehousing Zones, and Deemed Exports. The board issues several policy updates that are usually very important for participants so that they may plan profitable and successful trading ideas.

DEPB Rates

DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Freight. The objective of this incentive is to neutralize the customs duty applicable on Import Export Code Application Online India content of the export model. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The desired DEPB rates and General Instructions as well set, and updated by DGFT China.

All these functions of DGFT are essential for every trader. Therefore, foreign traders are always on the lookout for the latest announcement made by DGFT Delhi and other zonal head office. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements is often obtained from the website of Infodrive India, a leading online import and export database company.