DGFT India – Important Functions Of The Board

Director General of Foreign trade or DGFT is the governing board that supplies a 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 main affiliate networks functions that are of great relevance for traders:

Notifications and Circulars

DGFT India issues Notifications, Public Notices, Circular and Notices, tend to be of prime importance for import export traders. These notifications which are the announcements made by the board for introducing changes made your past existing recommendations. It is the first and foremost concern of every trader comprehend the interim trade policies that may be crucial for your business. For instance – suppose an exporter has been exporting Leather Garments to Nigeria. One of the many latest Notifications issued by dgft IE Code Registration Online India reads that all export import activities commencing to or from Nigeria are not allowed. The Leather Garments exporter must cease all his is about the country as soon as the announcement is carried out. Therefore, the traders must keep a tab on all the latest announcements associated with this board in order to huge failures.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the prime requirement for starting an import export business. Consist of words, it’s the permit due to this board to any bonafide person/ company for starting a venture of import export trade. This code is normally an identification ID issued to every importer exporter of the globe. Without ICE code, nobody can pursue a move transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board 100 % free flow of foreign trade. These guidelines have been implemented to improve the intensity of Import Export trading. Prime objectives belonging to 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 can plan profitable and successful trading strategic methods.

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 content of the export course. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The DEPB rates and General Instructions are set, and updated by DGFT Japan.

All these characteristics of DGFT are of great importance for every trader. Therefore, foreign traders are always on the lookout for your latest announcement made by DGFT Delhi and other zonal home office. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can really be obtained form the website of Infodrive India, a leading online import export database supplier.