DGFT India – Important Functions Of The Board

Director General of Upload or DGFT is the governing board that the set of guidelines and framework Documents required for IEC Code Registration India 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 nearly all functions that are of great relevance for traders:

Notifications and Circulars

DGFT India issues Notifications, Public Notices, Circular and Notices, will 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 know about the interim trade policies that tend to be very crucial for your business. As an example – suppose an exporter has been exporting Leather Garments to Nigeria. One of the latest Notifications issued by DGFT reads that all export import activities commencing to or from Nigeria are restricted. The Leather Garments exporter must cease all his deals with the country as soon as the announcement is done. Therefore, the traders must keep a tab on all the latest announcements out of which one board in order to huge losses.

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 is the permit proposed by 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 country. Without ICE code, nobody can pursue a foreign trade 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 trade. These guidelines have been implemented 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 tend to be for the traders so that they may plan profitable and successful trading ads.

DEPB Rates

DEPB Rates are the Export Incentives granted by Indian Government, for saving Customs Duty when Importing several Products and solutions. 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 DEPB rates and General Instructions as well set, and updated by DGFT India.

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