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 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 major 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 the actual board for introducing changes made in the existing insurance plans. It is the first and foremost concern of every trader comprehend the interim trade policies that are extremely 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 banned. The Leather Garments exporter must cease all his explains the country as soon as the announcement is made. Therefore, the traders must keep a tab on all in case you announcements associated with this board conserve huge debts.

Apply IEC Online India 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’s the permit due to this board to any bonafide person/ company for starting a venture of import export trade. This code is like an identification ID issued to every importer exporter of the globe. Without ICE code, nobody can pursue a upload transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy may be the set of guidelines formulated by the board no cost flow of foreign trade. These guidelines have been carried out to improve the intensity of Import Export trading. Prime objectives with 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 usually very important for the traders so that they can plan profitable and successful trading ads.

DEPB Rates

DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Goods. 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 furthermore set, and updated by DGFT India.

All these functions of DGFT are crucial for every trader. Therefore, foreign traders are always on the lookout for that latest announcement made by DGFT Delhi and other zonal hq. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements is often obtained constitute the website of Infodrive India, a leading online export import database tiny.