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 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, which can of prime importance for import export traders. These notifications are currently the announcements made together with board for introducing changes made inside existing recommendations. It is the first and foremost concern of every trader to understand about the interim trade policies that are extremely crucial for that business. For 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 banned. The Leather Garments exporter must cease all his is about the country as soon as the announcement is made. Therefore, the traders must keep a tab on all the particular announcements of this board to save huge damages.
IEC or Importers Exporters Code Number
IEC Code issued by dgft IE Code Online Application Procedure India India is the number one requirement for starting an import export business. Various other words, it is the permit given by this board to any bonafide person/ company for starting a venture of import export trade. This code is comparable to an identification ID issued to every importer exporter of the globe. Without ICE code, nobody can pursue a upload transaction in India.
Export Import Trade Policy of EXIM Policy may be the set of guidelines formulated by the board 100 % free flow of foreign industry. 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 tend to be for participants so that they may plan profitable and successful trading ads.
DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Everything. The objective of this incentive is to neutralize the customs duty applicable on import content of the export services or products. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The desired DEPB rates and General Instructions will also set, and updated by DGFT India.
All gets into something of DGFT are essential for every trader. Therefore, foreign traders are always on the lookout for that 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 irrespective of obtained from the website of Infodrive India, a leading online import export database supplier.