Skip to content

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 Of india. Framing rules and policies and implementing the formulated rules for controlling 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 India issues Notifications, Public Notices, Circular and Notices, which are of prime importance for import export traders. These notifications are currently the announcements made by the board for introducing changes made inside existing insurance plans. It is the first and foremost concern of every trader to understand about the interim trade policies that are extremely crucial for the business. For example - suppose an exporter has been exporting Leather Garments to Nigeria. One of the many latest Notifications issued by DGFT reads that all export import activities commencing to or from Nigeria are blocked for good. The Leather Garments exporter must cease all his explains the country as soon as the announcement is carried out. Therefore, the traders must keep a tab on all probably the most up-to-date announcements associated with this board to save huge damages.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the optimal requirement for starting an import export business. Some other words, it's 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. Without ICE code, nobody can pursue a upload transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy will be the set of guidelines formulated by the board freely available flow of foreign business. These guidelines have been carried out 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 very important for the traders so that they can 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 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 will also set, and updated by DGFT Japan.

All gets into something of DGFT are important for every trader. Therefore, foreign traders are always on the lookout for that latest announcement made by DGFT Delhi and other zonal headquarters. dgft IEC Registration Online India Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements is often obtained from the website of Infodrive India, a leading online import export database corporate.