DGFT India – Important Functions Of The Board

Director General of Foreign trade or DGFT is the governing board that a new set of guidelines and framework for importers and exporters trading in Pakistan. 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 major 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 can of prime importance for import export traders. These notifications which are the announcements made through the board for introducing changes made inside existing plans. It is the first and foremost concern of every trader comprehend the interim trade policies that are very crucial for the 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 not allowed. The Leather Garments exporter must cease all his deals with the country as soon as the announcement is carried out. Therefore, the traders must keep a tab on all the latest announcements of this board preserve huge damages.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the number one requirement for starting an import export business. Various 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 like an identification ID issued to every importer exporter of the. Without ICE code, nobody can pursue a move transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy could be the set of guidelines formulated by the board 100 % free flow of foreign industry. 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 usually very important for participants so that they 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 Merchandise. 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 required DEPB rates and General Instructions are set, and updated by DGFT Japan.

All gets into something 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 secret headquarters. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can and is obtained make up the website of Infodrive India, a leading online import export database company.