Director General of Foreign trade or DGFT is the governing board that the 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, which are of prime importance for import export traders. These notifications which are the announcements made through the board for introducing changes made your past existing plans. It is the first and foremost concern of every trader to know about the interim trade policies that tend to be very crucial for that business. As an example – 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 blocked. The Leather Garments exporter must cease all his deals with the country as soon as the announcement is carried out. Therefore, the traders must keep a tab on all the latest announcements out of which one board preserve huge losses.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the prime requirement for starting an import export business. In other 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 comparable to an identification ID issued to every importer exporter of the continent. Without ICE code, nobody can pursue a upload transaction in India.
Export Import Trade Policy of EXIM Policy could be the set of guidelines formulated by the board for free flow of foreign job. These guidelines have been carried out to improve the intensity of Import Export trading. Prime objectives among 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 very important for participants so that they may plan profitable and successful trading strategies.
DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Everything. 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 required DEPB rates and General Instructions furthermore set, and updated by DGFT China.
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 secret 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 Code Application Online India export database company.