DGFT India – Important Functions Of The Board

Director General of Foreign trade 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 nearly all 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 by the board for introducing changes made in the existing policies. It is the first and foremost concern of every trader to know about the interim trade policies that are extremely crucial for that business. For example – suppose an exporter has been exporting Leather Garments to Nigeria. On the list of 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 addresses the country as soon as the announcement is made. Therefore, the traders must keep a tab on all the past algorithm update announcements of that particular board to save huge debts.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the best requirement for starting an import export business. Consist of words, it’s the permit provided 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.

EXIM Policy

Export Import Trade Policy of EXIM Policy will be the set of guidelines formulated by the board no cost flow of foreign business. These guidelines have been carried out improve the intensity of Import Export trading. Prime objectives of the EXIM Policy includes Special Focus on Initiatives, General Provisions Regarding Import Export Code Application Online India 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 may 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 Goods. 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 are set, and updated by DGFT The indian subcontinent.

All these functions of DGFT are of great importance 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 can also be obtained constitute the website of Infodrive India, a leading online import and export database tiny.