Director General of Move or DGFT is the governing board that supplies a set of guidelines and framework for importers and exporters trading in India. 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 major 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 actually the announcements made with board for introducing changes made your past existing insurance plans. It is the first and foremost concern of every trader comprehend the interim trade policies that are very crucial for your business. For instance – 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 explains the country as soon as the announcement is made. Therefore, the traders must keep a tab on all the latest announcements out of which one board in order to huge failures.
IEC or Importers Exporters Code Number
Apply IEC Online India 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 normally an identification ID issued to every importer exporter of the usa. Without ICE code, nobody can pursue a move transaction in India.
Export Import Trade Policy of EXIM Policy may be the set of guidelines formulated by the board no cost flow of foreign job. These guidelines have been carried out 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 necessary for the traders so that they can plan profitable and successful trading ideas.
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 model. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The desired DEPB rates and General Instructions will also set, and updated by DGFT India.
All strikes of DGFT are crucial for every trader. Therefore, foreign traders are always on the lookout for your latest announcement made by DGFT Delhi and other zonal home office. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can also be obtained from the website of Infodrive India, a leading online export import database corporate.