DGFT India – Important Functions Of The Board

Director General of Upload 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 money flow of Foreign Trade is the major task of this board. Following are some of main affiliate networks 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 actually the announcements made by the board for introducing changes made in existing ideas. It is the first and foremost concern of every trader to know about the interim trade policies that particularly crucial for the 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 not allowed. The Leather Garments exporter must cease all his is about 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 losses.

IEC or Importers Exporters Code Number

IEC Code issued by dgft IE Code Registration Online India India is the best requirement for starting an import export business. In 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. 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 for free flow of foreign trade. These guidelines have been carried out 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 are necessary for participants so that they can plan profitable and successful trading methods.

DEPB Rates

DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Products and solutions. 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 also set, and updated by DGFT Japan.

All these functions of DGFT are crucial 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 can and is obtained from the website of Infodrive India, a leading online export import database reputable company.