Director General of Foreign trade or DGFT is the governing board that any set of guidelines and framework for importers and exporters trading in India. Framing rules and policies and implementing the formulated rules for regulating the 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, tend to be of prime importance for import export traders. These notifications are currently the announcements made together with board for introducing changes made in existing insurance plans. It is the first and foremost concern of every trader comprehend the interim trade policies that may be 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 IEC Registration Online India 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 made. Therefore, the traders must keep a tab on all the particular announcements of that particular board in order to huge damages.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the prime 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 like an identification ID issued to every importer exporter of the. Without ICE code, nobody can pursue a move transaction in India.
Export Import Trade Policy of EXIM Policy may be the set of guidelines formulated by the board for free flow of foreign business. These guidelines have been performed 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 important for the traders so that they’re going to plan profitable and successful trading ideas.
DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Freight. The objective of this incentive is to neutralize the customs duty applicable on import content of the export product. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The 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 that 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 irrespective of obtained constitute the website of Infodrive India, a leading online import export database company.