DGFT India – Important Functions Of The Board

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 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 market 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 that are the announcements made by the board for introducing changes made your past existing ideas. It is the first and foremost concern of every trader to understand the interim trade policies that tend to be very crucial for the business. As an example – suppose an exporter has been exporting Leather Garments to Nigeria. One of several latest Notifications issued by dgft IEC Registration Online India reads that all export import activities commencing to or from Nigeria are banned. The Leather Garments exporter must cease all his deals with the country as soon as the announcement is carried out. Therefore, the traders must keep a tab on all the particular announcements of that particular board in order to huge damages.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the greatest requirement for starting an import export business. Consist of words, it is the permit given by this board to any bonafide person/ company for starting a venture of import export trade. This code a lot 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 may be the set of guidelines formulated by the board no cost flow of foreign job. These guidelines have been carried out improve the intensity of Import Export trading. Prime objectives of 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 necessary for the traders so that they may plan profitable and successful trading methods.

DEPB Rates

DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Products and solutions. 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 specified DEPB rates and General Instructions are also set, and updated by DGFT The indian subcontinent.

All these functions 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 head office. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can and is obtained from the website of Infodrive India, a leading online export import database corporate.