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Nov 08

DGFT India – Important Functions Of The Board

Director General of Foreign trade or DGFT is the governing board that provides a set of guidelines and framework for importers and exporters trading in India. 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 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 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 to comprehend the interim trade policies that particularly crucial for the business. For instance – suppose an exporter has been exporting Leather Garments to Nigeria. One of several 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 covers the country as soon as the announcement is fashioned. Therefore, the traders must keep a tab on all the latest announcements of that particular board to save huge damages.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the greatest requirement for starting an import export business. In 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 a lot like an identification ID issued to every importer exporter of the usa. 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 no cost flow of foreign trade. These guidelines have been performed 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 usually very important for participants so that they may plan profitable and successful trading strategies.

DEPB Rates

DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Products and solutions. 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 wanted DEPB rates and General Instructions furthermore set, and updated by DGFT The indian subcontinent.

All these functions of DGFT are crucial 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 company.