DGFT India – Important Functions Of The Board

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 India. 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 nearly all 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 may possibly be the announcements made together with board for introducing changes made inside existing ideas. It is the first and foremost concern of every trader to understand the interim trade policies that particularly 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 IE Code Registration Online India reads that all export import activities commencing to or from Nigeria are restricted. The Leather Garments exporter must cease all his explains the country as soon as the announcement is carried out. Therefore, the traders must keep a tab on all the particular announcements of this board conserve lots of huge damages.

IEC 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 is 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 continent. 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 for free flow of foreign business. 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 tend to be for the traders so that they can plan profitable and successful trading strategies.

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 services or products. 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 Sweden.

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