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 Of india. 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 main affiliate networks 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 that are the announcements made through the board for introducing changes made in existing policies. It is the first and foremost concern of every trader to understand the interim trade policies that are very crucial for your 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. The Leather Garments exporter must cease all his deals with the country as soon as the announcement is. Therefore, the traders must keep a tab on all the particular announcements of this board conserve lots of huge debts.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the best requirement for starting an import export business. Consist of 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 like an identification ID issued to every importer exporter of the globe. Without ICE code, nobody can pursue a move transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board no cost flow of foreign business. These guidelines have been performed 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 the traders so that they’re going to 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 Products and solutions. The objective of this incentive is to neutralize the customs duty applicable on import content of the export product. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The desired DEPB rates and General Instructions are set, and updated by DGFT Japan.

All strikes of DGFT are crucial for every trader. Therefore, foreign traders are always on the lookout for the latest announcement made by DGFT Delhi and other zonal head office. dgft IEC Registration Online India Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements irrespective of obtained make up the website of Infodrive India, a leading online import and export database company.