DGFT India – Important Functions Of The Board

Director General of Foreign trade or DGFT is the governing board that any set of guidelines and framework for importers and exporters trading in Of india. 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 the major functions that are of great relevance for traders:

Notifications and Circulars

DGFT India issues Notifications, Public Notices, Circular and Notices, will be of prime importance for import export traders. These notifications which are the announcements made through the board for introducing changes made each morning 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. Among the many 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 explains the country as soon as the announcement is fashioned. Therefore, the traders must keep a tab on all the latest announcements out of which one board preserve huge losses.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the optimal requirement for starting an import export business. Some other words, it’s 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 continent. Without ICE code, nobody can pursue a upload transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board for free flow of foreign industry. These guidelines have been carried out to improve the intensity of Import Export trading. Prime objectives with the EXIM Policy includes Special Focus on Initiatives, General Provisions Regarding Import Export Code Online Registration India 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 participants so that they 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 services or products. 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 gets into something of DGFT are important for every trader. Therefore, foreign traders are always on the lookout for your latest announcement made by DGFT Delhi and other zonal hq. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can and is obtained constitute the website of Infodrive India, a leading online import and export database corporate.