Director General of Foreign trade or DGFT is the governing board that any 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 market 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 which are the announcements made the actual 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 are very crucial for that business. As an example – suppose an exporter has been exporting Leather Garments to Nigeria. One of several latest Notifications issued by dgft IE Code Online Application Procedure India reads that all export import activities commencing to or from Nigeria are blocked. The Leather Garments exporter must cease all his covers the country as soon as the announcement is done. Therefore, the traders must keep a tab on all the past algorithm update announcements associated with this board in order to huge losses.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the best requirement for starting an import export business. Various other words, it’s the permit provided this board to any bonafide person/ company for starting a venture of import export trade. This code is like an identification ID issued to every importer exporter of the country. Without ICE code, nobody can pursue a upload transaction in India.
Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board free gratis flow of foreign market. These guidelines have been implemented to improve the intensity of Import Export trading. Prime objectives of your 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 important for the traders so that they may plan profitable and successful trading strategic methods.
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 application. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The DEPB rates and General Instructions as well set, and updated by DGFT The indian subcontinent.
All these traits of DGFT are important 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 form the website of Infodrive India, a leading online export import database reputable company.