Director General of Foreign trade or DGFT is the governing board that provides a set of guidelines and framework for importers and exporters trading in India. Framing rules and policies and implementing the formulated rules for regulating 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 are actually the announcements made the actual board for introducing changes made in the existing insurance plans. It is the first and foremost concern of every trader to comprehend the interim trade policies that tend to be very crucial for the business. For instance – suppose an exporter has been exporting Leather Garments to Nigeria. On the list of 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 addresses the country as soon as the announcement is done. Therefore, the traders must keep a tab on all the particular announcements associated with this board conserve huge debts.
IEC or Importers Exporters Code Number
IEC Code Online Application India Code issued by DGFT India is the prime requirement for starting an import export business. Some other words, it is the permit proposed 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 move transaction in India.
Export Import Trade Policy of EXIM Policy may be the set of guidelines formulated by the board no cost flow of foreign market. These guidelines have been implemented to improve the intensity of Import Export trading. Prime objectives of your 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 participants so that they may plan profitable and successful trading strategies.
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 application. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The desired DEPB rates and General Instructions are set, and updated by DGFT China.
All gets into something 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 home office. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can also be obtained from the website of Infodrive India, a leading online export import database reputable company.