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 money 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, tend to be of prime importance for import export traders. These notifications are actually the announcements made with board for introducing changes made your past existing policies. It is the first and foremost concern of every trader to know about the interim trade policies that tend to be very crucial for the business. For 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 banned. The Leather Garments exporter must cease all his is about the country as soon as the announcement is carried out. Therefore, the traders must keep a tab on all in case you announcements on the board conserve lots of huge damages.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the optimal requirement Documents required for Import Export Code Registration Online starting an import export business. In other words, it's 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. Without ICE code, nobody can pursue a foreign trade transaction in India.
Export Import Trade Policy of EXIM Policy will be the set of guidelines formulated by the board for free flow of foreign industry. These guidelines have been carried out to improve the intensity of Import Export trading. Prime objectives of your 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'll plan profitable and successful trading strategic methods.
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 are 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 for the latest announcement made by DGFT Delhi and other zonal home office. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can also be obtained form the website of Infodrive India, a leading online export import database reputable company.