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 regulating 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 can of prime importance for import export traders. These notifications may possibly be the announcements made the actual board for introducing changes made in existing plans. It is the first and foremost concern of every trader to understand about the interim trade policies that are extremely crucial for the business. For example – suppose an exporter has been exporting Leather Garments to Nigeria. One of several 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. Therefore, the traders must keep a tab on all the latest announcements of this board preserve huge mishaps.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the greatest requirement for starting an import export business. Some other words, it’s the permit proposed 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 upload transaction in India.
Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board free gratis flow of foreign industry. These guidelines have been performed 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 the traders so that they’ll plan profitable and successful trading strategies.
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 required DEPB rates and General Instructions furthermore set, and updated by DGFT India.
All these characteristics of DGFT are crucial for every trader. Therefore, foreign traders are always on the lookout for the latest announcement made by dgft IE Code Registration Online India Delhi and other zonal headquarters. 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 import export database company.