Director General of Foreign trade or DGFT is the governing board that the 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, which can of prime importance for import export traders. These notifications which are the announcements made together with board for introducing changes made inside existing recommendations. It is the first and foremost concern of every trader to comprehend the interim trade policies that tend to be very crucial for your business. For example – 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 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 to save huge damages.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the greatest requirement for starting an import export business. Consist of words, it is the permit given by this board to any bonafide person/ company for starting a venture of import export trade. This code is a an identification ID issued to every importer exporter of the. Without ICE code, nobody can pursue a foreign trade transaction in India.
Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board 100 % free flow of foreign business. These guidelines have been carried out 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 Documents required for Import Export Code Registration Online the traders so that they can plan profitable and successful trading strategies.
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 course. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The wanted DEPB rates and General Instructions will also set, and updated by DGFT India.
All these characteristics of DGFT are important for every trader. Therefore, foreign traders are always on the lookout for that 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 irrespective of obtained constitute the website of Infodrive India, a leading online export import database supplier.