DGFT India – Important Functions Of The Board

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 are of prime importance for import export traders. These notifications that are the announcements made through the board for introducing changes made your past existing recommendations. It is the first and foremost concern of every trader to understand the interim trade policies that are extremely crucial for your 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 blocked for good. The Leather Garments exporter must cease all his is about the country as soon as the announcement is done. Therefore, the traders must keep a tab on all probably the most up-to-date announcements associated with this board conserve lots of huge losses.

Apply IEC Online India or Importers Exporters Code Number

IEC Code issued by DGFT India is the prime requirement for starting an import export business. In other words, it’s the permit written 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 country. 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 no cost flow of foreign job. These guidelines have been carried out to 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 participants so that they may 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 Merchandise. 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 wanted DEPB rates and General Instructions are also set, and updated by DGFT Japan.

All strikes 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 head office. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can really be obtained from the website of Infodrive India, a leading online import export database reputable company.