Director General of Move or DGFT is the governing board that a new set of guidelines and framework for importers and exporters trading in The indian subcontinent. 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 India issues Notifications, Public Notices, Circular and Notices, are usually of prime importance for import export traders. These notifications are actually the announcements made the actual board for introducing changes made in existing policies. It is the first and foremost concern of every trader to comprehend the interim trade policies that are extremely crucial for that business. For example – 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 blocked. The Leather Garments exporter must cease all his is about the country as soon as the announcement is made. Therefore, the traders must keep a tab on all the particular announcements of this board in order to huge mishaps.
IEC or Importers Exporters Code Number
IEC Code issued by dgft IE Code Online Application Procedure India India is the best requirement for starting an import export business. In other words, it is the permit given by this board to any bonafide person/ company for starting a venture of import export trade. This code is comparable to 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 will be the set of guidelines formulated by the board 100 % free flow of foreign market. These guidelines have been implemented to improve the intensity of Import Export trading. Prime objectives among 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 very important for participants so that they plan profitable and successful trading strategies.
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 services or products. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The required DEPB rates and General Instructions are set, and updated by DGFT China.
All strikes of DGFT are important for every trader. Therefore, foreign traders are always on the lookout for your 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 irrespective of obtained from the website of Infodrive India, a leading online import and export database reputable company.