DGFT India – Important Functions Of The Board

Director General of Move 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 controlling the 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 which are the announcements made the actual board for introducing changes made each morning existing ideas. It is the first and foremost concern of every trader to comprehend the interim trade policies that are very crucial for that 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 blocked for good. The Leather Garments exporter must cease all his covers the country as soon as the announcement is. Therefore, the traders must keep a tab on all in case you announcements out of which one board conserve lots of huge mishaps.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the prime requirement for starting an import export business. Consist of words, it’s the permit given by this board to any bonafide person/ company Documents required for IEC Code Registration India starting a venture of import export trade. This code is a an identification ID issued to every importer exporter of the continent. Without ICE code, nobody can pursue a upload transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy will be the set of guidelines formulated by the board free gratis flow of foreign industry. These guidelines have been carried out to improve the intensity of Import Export trading. Prime objectives of 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 can plan profitable and successful trading strategic methods.

DEPB Rates

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 DEPB rates and General Instructions furthermore set, and updated by DGFT The indian subcontinent.

All strikes of DGFT are crucial 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 and is obtained form the website of Infodrive India, a leading online import export database reputable company.