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 India. Framing rules and policies and implementing the formulated rules for governing the flow of Foreign Trade is the major task of this board. Following are some of the major functions that are of great relevance for traders:
Notifications and Circulars
DGFT India issues Notifications, Public Notices, Circular and Notices, which are of prime importance for import export traders. These notifications are currently the announcements made together with board for introducing changes made each morning existing recommendations. It is the first and foremost concern of every trader to understand the interim trade policies that are extremely crucial for that business. For example – suppose an exporter has been exporting Leather Garments to Nigeria. Among 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 addresses the country as soon as the announcement is carried out. Therefore, the traders must keep a tab on all the particular announcements of that particular board conserve lots of huge failures.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the number one requirement for starting an import export business. Some other words, it’s the permit written by 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 upload 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 market. These guidelines have been performed to improve the intensity of Import Export trading. Prime objectives of your 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 important for participants so that they’re going to plan profitable and successful trading ads.
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 required DEPB rates and General Instructions furthermore set, and updated by DGFT India.
All these functions of dgft IEC Registration Online India are important for every trader. Therefore, foreign traders are always on the lookout for that latest announcement made by DGFT Delhi and other zonal home office. 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 export import database tiny.