DGFT India – Important Functions Of The Board

Director General of Foreign trade or DGFT is the governing board that any set of guidelines and framework for importers and exporters trading in Sweden. 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 main affiliate networks functions that are of great relevance for traders:

Notifications and Circulars

DGFT India issues Notifications, Public Notices, Circular and Notices, tend to be of prime importance for import export traders. These notifications which are the announcements made through the board for introducing changes made your past 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 instance – 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 banned. 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 in case you announcements of that particular board conserve lots of huge damages.

IEC or Importers Exporters Code Number

IEC Code issued by DGFT India is the prime requirement for starting an import export business. Some other words, it is the permit provided this board to any bonafide person/ company for starting a venture of import export trade. This code is a an identification ID issued to every importer exporter of the continent. Without ICE code, nobody can pursue a foreign trade transaction in India.

EXIM Policy

Export Import Trade Policy of EXIM Policy may be the set of guidelines formulated by the board freely available flow of foreign business. These guidelines have been carried out to 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 very important for the traders so that they may 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 Freight. 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 Documents required for Import Export Code Registration Online DEPB rates and General Instructions will also set, and updated by DGFT Sweden.

All these traits 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 headquarters. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements irrespective of obtained make up the website of Infodrive India, a leading online import export database company.