Director General of Foreign trade or DGFT is the governing board that provides 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, are usually of prime importance for import export traders. These notifications are actually the announcements made the actual board for introducing changes made in existing ideas. It is the first and foremost concern of every trader comprehend the interim trade policies that are very crucial for that 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 explains the country as soon as the announcement is fashioned. Therefore, the traders must keep a tab on all the past algorithm update announcements on the board to save huge losses.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the prime requirement for starting an import export business. Consist of words, it is the permit provided 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. 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 for free flow of foreign job. These guidelines have been performed to improve the intensity of Import Export trading. Prime objectives of your 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 ads.
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 product. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The Documents required for IEC Code Registration India DEPB rates and General Instructions are set, and updated by DGFT China.
All these characteristics of DGFT are essential for every trader. Therefore, foreign traders are always on the lookout for your latest announcement made by DGFT Delhi and other zonal headquarters. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements is often obtained form the website of Infodrive India, a leading online import and export database corporate.