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 market functions that are of great relevance for traders:

Notifications and Circulars

DGFT India issues Notifications, Public Notices, Circular and Notices, tend to be of prime importance for import export traders. These notifications which are the announcements made by the board for introducing changes made in existing insurance plans. It is the first and foremost concern of every trader to 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 many 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 covers the country as soon as the announcement is made. Therefore, the traders must keep a tab on all in case you announcements out of which one board preserve huge failures.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the greatest requirement for starting an import export business. In other words, it’s the permit given 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 country. Without ICE code, nobody can pursue a foreign trade transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy may be the set of guidelines formulated by the board free gratis flow of foreign trade. These guidelines have been implemented to improve the intensity of Import Export trading. Prime objectives of your EXIM Policy includes Special Focus on Initiatives, General Provisions Regarding Import Export Code Application Online India 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 participants so that they may 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 Freight. The objective of this incentive is to neutralize the customs duty applicable on import content of the export services or products. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The desired DEPB rates and General Instructions are set, and updated by DGFT India.

All strikes of DGFT are important 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 is often obtained from the website of Infodrive India, a leading online export import database corporate.

DGFT India – Important Functions Of The Board

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