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 The indian subcontinent. 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 market functions that are of great relevance for traders:
Notifications and Circulars
DGFT India issues Notifications, Public Notices, Circular and Notices, which can of prime importance for import export traders. These notifications which are the announcements made by the board for introducing changes made your past existing recommendations. It is the first and foremost concern of every trader to comprehend the interim trade policies that particularly crucial for your business. As an example – suppose an exporter has been exporting Leather Garments to Nigeria. On the list of 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 addresses the country as soon as the announcement is. Therefore, the traders must keep a tab on all the past algorithm update announcements of this board conserve huge damages.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the prime requirement for starting an import export business. In other words, it is the permit provided 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 continent. Without ICE code, nobody can pursue a move transaction in India.
Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board for free flow of foreign market. These guidelines have been implemented 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 important for participants so that they may 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 course. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The desired DEPB rates and General Instructions as well set, and updated by DGFT Sweden.
All these traits of DGFT are of great importance for every trader. Therefore, foreign traders are always on the lookout Documents required for IEC Code Registration India the latest announcement made by DGFT Delhi and other zonal head office. 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 tiny.