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 Of india. Framing rules and policies and implementing the formulated rules for controlling the flow of Foreign Trade is the major task of this board. Following are some of the major functions that are of great relevance for traders:

Notifications and Circulars

DGFT India issues Notifications, Public Notices, Circular and Notices, are usually of prime importance for import export traders. These notifications which are the announcements made through the board for introducing changes made in existing ideas. It is the first and foremost concern of every trader comprehend the interim trade policies that particularly crucial for your business. Documents required for Import Export Code Registration Online instance – suppose an exporter has been exporting Leather Garments to Nigeria. One of the latest Notifications issued by DGFT reads that all export import activities commencing to or from Nigeria are not allowed. The Leather Garments exporter must cease all his covers the country as soon as the announcement is made. Therefore, the traders must keep a tab on all the latest announcements of that particular board conserve huge mishaps.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the number one 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 like an identification ID issued to every importer exporter of the. Without ICE code, nobody can pursue a upload transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy will be the set of guidelines formulated by the board free gratis flow of foreign business. These guidelines have been performed to improve the intensity of Import Export trading. Prime objectives among 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 important for the traders so that they may 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 model. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The specified DEPB rates and General Instructions as well set, and updated by DGFT Sweden.

All these functions of DGFT are of great importance for every trader. Therefore, foreign traders are always on the lookout for that 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 from the website of Infodrive India, a leading online export import database reputable company.