Skip to content

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 Of 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, which are of prime importance for import export traders. These notifications that are the announcements made together with board for introducing changes made in the existing recommendations. 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. On the list of latest Notifications issued by dgft IE Code Online Application Procedure India reads that all export import activities commencing to or from Nigeria are not allowed. The Leather Garments exporter must cease all his deals with the country as soon as the announcement is made. Therefore, the traders must keep a tab on all probably the most up-to-date announcements of that particular board to save huge failures.

IEC or Importers Exporters Code Number

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

EXIM Policy

Export Import Trade Policy of EXIM Policy is the set of guidelines formulated by the board no cost flow of foreign market. These guidelines have been implemented to improve the intensity of Import Export trading. Prime objectives with 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'll 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 Everything. The objective of this incentive is to neutralize the customs duty applicable on import content of the export product. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The DEPB rates and General Instructions are also set, and updated by DGFT India.

All strikes of DGFT are essential for every trader. Therefore, foreign traders are always on the lookout for your 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 import export database reputable company.