Director General of Move or DGFT is the governing board that the set of guidelines and framework for importers and exporters trading in India. 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 the major functions that are of great relevance for traders:
Notifications and Circulars
DGFT India issues Notifications, Public Notices, Circular and Notices, are usually of prime importance for import export traders. These notifications are actually the announcements made together with board for introducing changes made in 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 your business. For instance – 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 for good. The Leather Garments exporter must cease all his addresses the country as soon as the announcement is made. Therefore, the traders must keep a tab on all the particular announcements of that particular board preserve huge losses.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the greatest requirement Documents required for IEC Code Registration India starting an import export business. In other words, it’s the permit written 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 usa. Without ICE code, nobody can pursue a move transaction in India.
Export Import Trade Policy of EXIM Policy could be the set of guidelines formulated by the board 100 % free flow of foreign job. These guidelines have been carried out 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 may plan profitable and successful trading strategies.
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 model. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The wanted DEPB rates and General Instructions will also set, and updated by DGFT China.
All these characteristics of DGFT are of great importance for every trader. Therefore, foreign traders are always on the lookout for the latest announcement made by DGFT Delhi and other zonal hq. 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 company.