DGFT India – Important Functions Of The Board

Director General of Move or DGFT is the governing board that provides a set of guidelines and framework for importers and exporters trading in The indian subcontinent. 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 the way most functions that are of great relevance for traders:

Notifications and Circulars

DGFT India issues Notifications, Public Notices, Circular and Notices, are usually of prime importance for import export traders. These notifications are currently the announcements made by the board for introducing changes made inside existing plans. It is the first and foremost concern of every trader to understand about the interim trade policies that tend to be very crucial for your business. As an 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 banned. The Leather Garments exporter must cease all his addresses the country as soon as the announcement is. Therefore, the traders must keep a tab on all the particular announcements of that particular board to save huge debts.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the greatest requirement for starting an import export business. Consist of words, it is the permit given by this board to any bonafide person/ company for starting a venture of Import Export Code Application Online India export trade. This code is comparable to an identification ID issued to every importer exporter of the country. Without ICE code, nobody can pursue a upload transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy may be the set of guidelines formulated by the board freely available flow of foreign industry. These guidelines have been implemented 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 usually very important for the traders so that they may plan profitable and successful trading ads.

DEPB Rates

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 product. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The required DEPB rates and General Instructions are set, and updated by DGFT India.

All strikes of DGFT are essential 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 make up the website of Infodrive India, a leading online import and export database reputable company.