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 controlling the 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 are of prime importance for import export traders. These notifications are currently the announcements made together with board for introducing changes made in the existing plans. It is the first and foremost concern of every trader to comprehend the interim trade policies that may be crucial for your business. As an example – suppose an exporter has been exporting Leather Garments to Nigeria. One of the many latest Notifications issued by DGFT reads that all export import activities commencing to or from Nigeria are banned. The Leather Garments exporter must cease all his deals with the country as soon as the announcement is made. Therefore, the traders must keep a tab on all the latest announcements of this board conserve lots of huge losses.
IEC Code Online Application India or Importers Exporters Code Number
IEC Code issued by DGFT India is the optimal 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 normally an identification ID issued to every importer exporter of the continent. Without ICE code, nobody can pursue a move transaction in India.
Export Import Trade Policy of EXIM Policy will be the set of guidelines formulated by the board 100 % free flow of foreign job. These guidelines have been implemented to 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 participants so that they can plan profitable and successful trading ideas.
DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Everything. The objective of this incentive is to neutralize the customs duty applicable on import content of the export services or products. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The DEPB rates and General Instructions are also 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 the latest announcement made by DGFT Delhi and other zonal hq. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can also be obtained form the website of Infodrive India, a leading online import export database reputable company.