DGFT India – Important Functions Of The Board

Director General of Upload or DGFT is the governing board that the set of guidelines and framework for importers and exporters trading in The indian subcontinent. 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, will be of prime importance for import export traders. These notifications are currently the announcements made through the board for introducing changes made in existing ideas. It is the first and foremost concern of every trader comprehend the interim trade policies that may be crucial for your 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 deals with the country as soon as the announcement is. Therefore, the traders must keep a tab on all the particular announcements out of which one board in order to huge failures.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the optimal 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 a lot like an identification ID issued to every importer exporter of the. Without ICE code, nobody can pursue a move transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy could be the set of guidelines formulated by the board for free flow of foreign job. These guidelines have been performed to improve the intensity of Import Export trading. Prime objectives with 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 tend to be for the traders so that they’ll plan profitable and successful trading 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 product. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The Documents required for IEC Code Registration India DEPB rates and General Instructions as well set, and updated by DGFT India.

All these traits of DGFT are important for every trader. Therefore, foreign traders are always on the lookout for the 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 is often obtained make up the website of Infodrive India, a leading online export import database tiny.

Bookmark the permalink.