Director General of Move or DGFT is the governing board that provides a set of guidelines and framework for importers and exporters trading in India. Framing rules and policies and implementing the formulated rules for controlling 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 which are the announcements made by the board for introducing changes made each morning existing insurance plans. It is the first and foremost concern of every trader to understand 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 many 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 is about the country as soon as the announcement is fashioned. Therefore, the traders must keep a tab on all in case you announcements of that particular board in order to huge mishaps.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the optimal requirement for starting an import export business. Consist of 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 country. Without ICE code, nobody can pursue a foreign trade transaction in India.
EXIM Policy
Export Import Trade Policy of EXIM Policy will be the set of guidelines formulated by the board free gratis flow of foreign business. These guidelines have been implemented 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 usually very important for participants so that they plan profitable and successful trading 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 product. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The required DEPB rates and General Instructions as well set, and updated by DGFT India.
All strikes 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 home office. dgft IE Code Online Application Procedure India Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can also be obtained from the website of Infodrive India, a leading online export import database tiny.