DGFT India – Important Functions Of The Board

Director General of Foreign trade or DGFT is the governing board that the set of guidelines and framework for importers and exporters trading in The indian subcontinent. Framing rules and policies and implementing the formulated rules for money flow of Foreign Trade is the major task of this board. Following are some of the way most 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 may possibly be the announcements made through the board for introducing changes made in the existing plans. It is the first and foremost concern of every trader to know about the interim trade policies that tend to be very crucial for the business. For example – 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 blocked for good. The Leather Garments exporter must cease all his is about the country as soon as the announcement is carried out. Therefore, the traders must keep a tab on all the past algorithm update announcements out of which one board conserve lots of huge damages.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the best requirement for starting an import export business. Some other words, it’s the permit written by this board to any bonafide person/ company for starting a venture of Import Export Code Application Online India export trade. This code is normally an identification ID issued to every importer exporter of the usa. Without ICE code, nobody can pursue a move transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy may be the set of guidelines formulated by the board freely available flow of foreign trade. These guidelines have been carried out improve the intensity of Import Export trading. Prime objectives with 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 very important for participants so that they’ll plan profitable and successful trading strategies.

DEPB Rates

DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Merchandise. 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 as well set, and updated by DGFT The indian subcontinent.

All these functions of DGFT are crucial for every trader. Therefore, foreign traders are always on the lookout for your latest announcement made by DGFT Delhi and other zonal secret headquarters. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can also be obtained form the website of Infodrive India, a leading online import export database corporate.