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 money flow of Foreign Trade is the major task of this board. Following are some of nearly all 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 that are the announcements made the actual board for introducing changes made your past existing ideas. It is the first and foremost concern of every trader to understand the interim trade policies that are extremely crucial for your business. For example – suppose an exporter has been exporting Leather Garments to Nigeria. On the list of 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 preserve huge failures.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the best requirement for starting an import export business. In other words, it is the permit due to this board to any bonafide person/ company for starting a venture of import export trade. This code a lot like an identification ID issued to every importer exporter of the country. Without ICE code, nobody can pursue a foreign trade transaction in India.
EXIM Policy
Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board freely available flow of foreign market. 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 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 Freight. The objective of this incentive is to neutralize the customs duty applicable on import content of the export course. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The DEPB rates and General Instructions are set, and updated by dgft IE Code Online Application Procedure India China.
All these traits of DGFT are of great importance for every trader. Therefore, foreign traders are always on the lookout for the 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 make up the website of Infodrive India, a leading online import and export database corporate.
