DGFT India – Important Functions Of The Board

Director General of Move or DGFT is the governing board that provides a 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 the way most 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 are currently the announcements made by the board for introducing changes made each morning existing recommendations. It is the first and foremost concern of every trader to know about the interim trade policies that are extremely crucial for the business. For instance – suppose an exporter has been exporting Leather Garments to Nigeria. Among the many latest Notifications issued by DGFT reads that all export import activities commencing to or from Nigeria are restricted. 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 latest announcements of that particular board preserve huge damages.

IEC or Importers Exporters Code Number

IEC Code Online Application India Code issued by DGFT India is the number one requirement for starting an import export business. Various other words, it is 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. Without ICE code, nobody can pursue a foreign trade transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy could be the set of guidelines formulated by the board free gratis flow of foreign job. These guidelines have been implemented 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 tend to be for the traders so that they may plan profitable and successful trading 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 application. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The wanted DEPB rates and General Instructions as well set, and updated by DGFT India.

All these traits of DGFT are of great importance for every trader. Therefore, foreign traders are always on the lookout for your latest announcement made by DGFT Delhi and other zonal home office. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can really be obtained constitute the website of Infodrive India, a leading online export import database corporate.