DGFT India – Important Functions Of The Board

Director General of Upload or DGFT is the governing board that any 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, tend to be of prime importance for import export traders. These notifications that are the announcements made the actual board for introducing changes made your past existing recommendations. It is the first and foremost concern of every trader to understand about the interim trade policies that tend to be very crucial for the business. For instance – suppose an exporter has been exporting Leather Garments to Nigeria. One of the 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 covers the country as soon as the announcement is made. Therefore, the traders must keep a tab on all the particular announcements associated with this board in order to huge debts.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the number one requirement for starting an import export business. In other words, it’s the permit proposed by this board to any bonafide person/ company for starting a venture of import export trade. This code is a an identification ID issued to every importer exporter of the country. Without ICE code, nobody can pursue a move transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy may be the set of guidelines formulated by the board for free flow of foreign job. These guidelines have been carried out to improve the intensity of Import Export trading. Prime objectives belonging to 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 important for participants so that they may plan profitable and successful trading ideas.

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 application. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The desired DEPB rates and General Instructions furthermore set, and updated by DGFT China.

All these traits of DGFT are of great importance for every trader. Therefore, foreign traders are always on the lookout Documents required for IEC Code Registration India the latest announcement made by DGFT Delhi and other zonal secret headquarters. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements is often obtained form the website of Infodrive India, a leading online import export database reputable company.