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 Of 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 way most 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 are currently the announcements made through the board for introducing changes made in the existing policies. It is the first and foremost concern of every trader to comprehend the interim trade policies that are extremely crucial for the business. As an example – 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 not allowed. The Leather Garments exporter must cease all his explains the country as soon as the announcement is. Therefore, the traders must keep a tab on all the latest announcements of this board to save huge mishaps.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the greatest requirement for starting an import export business. Various other words, it is the permit provided 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 globe. Without ICE code, nobody can pursue a move transaction in India.
Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board 100 % free flow of foreign trade. These guidelines have been implemented 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 ideas.
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 model. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The specified DEPB rates and General Instructions are set, and updated by dgft IE Code Online Application Procedure India The indian subcontinent.
All these functions of DGFT are essential 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 reputable company.