Director General of Foreign trade 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 regulating 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, tend to be of prime importance for import export traders. These notifications are actually the announcements made by the board for introducing changes made inside existing policies. It is the first and foremost concern of every trader comprehend the interim trade policies that particularly crucial for the 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 blocked for good. The Leather Garments exporter must cease all his is about the country as soon as the announcement is made. Therefore, the traders must keep a tab on all in case you announcements on the board conserve lots of huge mishaps.
IEC or Importers Exporters Code Number
Apply IEC Online India Code issued by DGFT India is the optimal requirement for starting an import export business. Various 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 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 for free flow of foreign market. These guidelines have been carried out 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 the traders so that they may plan profitable and successful trading ideas.
DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Merchandise. 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 required DEPB rates and General Instructions are also set, and updated by DGFT Japan.
All these traits of DGFT are of great importance for every trader. Therefore, foreign traders are always on the lookout for your 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 form the website of Infodrive India, a leading online import export database supplier.