Director General of Foreign trade or DGFT is the governing board that the set of guidelines and framework for importers and exporters trading in India. Framing rules and policies and implementing the formulated rules for governing 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 IE Code Online Application Procedure India India issues Notifications, Public Notices, Circular and Notices, which are of prime importance for import export traders. These notifications that are the announcements made through the board for introducing changes made in existing policies. It is the first and foremost concern of every trader to understand the interim trade policies that are very crucial for your business. As an example – 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 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 probably the most up-to-date announcements on the board conserve huge mishaps.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the greatest requirement for starting an import export business. Various other words, it is the permit written by 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 move transaction in India.
Export Import Trade Policy of EXIM Policy could be the set of guidelines formulated by the board no cost flow of foreign market. These guidelines have been carried out 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 necessary for participants so that they’ll plan profitable and successful trading strategies.
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 desired DEPB rates and General Instructions are also set, and updated by DGFT The indian subcontinent.
All these traits 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 hq. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements is often obtained constitute the website of Infodrive India, a leading online import export database supplier.