Director General of Move or DGFT is the governing board that provides a set of guidelines and framework for importers and exporters trading in The indian subcontinent. 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 nearly all 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 through the board for introducing changes made each morning existing policies. It is the first and foremost concern of every trader to understand the interim trade policies that particularly crucial for that business. For instance – 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 not allowed. The Leather Garments exporter must cease all his covers the country as soon as the announcement is made. Therefore, the traders must keep a tab on all the past algorithm update announcements on the board conserve huge mishaps.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the number one requirement for starting an import export business. Some other words, it is the permit proposed by 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 continent. 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 trade. These guidelines have been implemented to improve the intensity of Import Export trading. Prime objectives of 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 necessary Documents required for Import Export Code Registration Online participants so that they can plan profitable and successful trading methods.
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 specified DEPB rates and General Instructions as well set, and updated by DGFT China.
All these characteristics of DGFT are crucial for every trader. Therefore, foreign traders are always on the lookout for that 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 is often obtained make up the website of Infodrive India, a leading online import and export database reputable company.