Director General of Foreign trade or DGFT is the governing board that a new 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 market 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 Documents required for Import Export Code Registration Online import export traders. These notifications may possibly be the announcements made by the board for introducing changes made each morning existing ideas. It is the first and foremost concern of every trader to know about the interim trade policies that tend to be very crucial for your business. For instance – 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 restricted. The Leather Garments exporter must cease all his deals with the country as soon as the announcement is done. Therefore, the traders must keep a tab on all probably the most up-to-date announcements of that particular board to save huge damages.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the prime requirement for starting an import export business. Various other words, it is the permit written by this board to any bonafide person/ company for starting a venture of import export trade. This code is normally an identification ID issued to every importer exporter of the continent. Without ICE code, nobody can pursue a foreign trade transaction in India.
Export Import Trade Policy of EXIM Policy could be the set of guidelines formulated by the board free gratis flow of foreign business. 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 the traders so that they’ll plan profitable and successful trading methods.
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 application. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The wanted DEPB rates and General Instructions are set, and updated by DGFT China.
All these functions 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 headquarters. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can also be obtained from the website of Infodrive India, a leading online import export database tiny.