Home » DGFT India – Important Functions Of The Board

DGFT India – Important Functions Of The Board

Director General of Upload or DGFT is the governing board that a new set of guidelines and framework for importers and exporters trading in Sweden. Framing rules and policies and implementing the formulated rules for regulating 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 can of prime importance for import export traders. These notifications that are the announcements made through the board for introducing changes made your past existing ideas. It is the first and foremost concern of every trader to understand about the interim trade policies that may be crucial for the business. For example – suppose an exporter has been exporting Leather Garments to Nigeria. One of several latest Notifications issued by DGFT reads that all export import activities commencing to or from Nigeria are blocked. The Leather Garments exporter must cease all his addresses the country as soon as the announcement is carried out. Therefore, the traders must keep a tab on all the latest announcements out of which one board conserve huge damages.

IEC or Importers Exporters Code Number

IEC Code Online Application India Code issued by DGFT India is the best requirement for starting an import export business. Various other words, it’s the permit provided this board to any bonafide person/ company for starting a venture of import export trade. This code is normally 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 could be the set of guidelines formulated by the board freely available flow of foreign job. These guidelines have been carried out 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 important for the traders so that they can plan profitable and successful trading strategic methods.

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 wanted DEPB rates and General Instructions as well set, and updated by DGFT Japan.

All these characteristics of DGFT are essential for every trader. Therefore, foreign traders are always on the lookout for the 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 really be obtained make up the website of Infodrive India, a leading online import and export database tiny.