Director General of Upload or DGFT is the governing board that any 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 main affiliate networks 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 inside 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 that business. For instance – suppose an exporter has been exporting Leather Garments to Nigeria. On the list of 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 addresses the country as soon as the announcement is done. Therefore, the traders must keep a tab on all the latest announcements out of which one board conserve huge debts.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the prime requirement for starting an import export business. In other words, it’s the permit proposed by this board to any bonafide person/ company for starting a venture of import export trade. This code is comparable to an identification ID issued to every importer exporter of the globe. Without ICE code, nobody can pursue a foreign trade transaction in India.
Export Import Trade Policy of EXIM Policy could be the set of guidelines formulated by the board for free flow of foreign business. These guidelines have been carried out to improve the intensity of Import Export Code Application Online India 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 important for participants so that they can plan profitable and successful trading strategies.
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 services or products. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The required DEPB rates and General Instructions are set, and updated by DGFT The indian subcontinent.
All strikes of DGFT are essential for every trader. Therefore, foreign traders are always on the lookout for that latest announcement made by DGFT Delhi and other zonal head 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.