Director General of Foreign trade or DGFT is the governing board that the set of guidelines and framework for importers and exporters trading in Pakistan. Framing rules and policies and implementing the formulated rules for governing the 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, which can of prime importance for import export traders. These notifications that are the announcements made through the board for introducing changes made in existing policies. It is the first and foremost concern of every trader to understand about the interim trade policies that tend to be very crucial for your business. As an 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 addresses the country as soon as the announcement is done. Therefore, the traders must keep a tab on all in case you announcements associated with this board conserve huge mishaps.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the greatest requirement for starting an import export business. Various other words, it’s the permit proposed by this board to any bonafide person/ company Documents required for Import Export Code Registration Online starting a venture of import export trade. This code is normally 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 may be the set of guidelines formulated by the board 100 % free flow of foreign business. These guidelines have been carried out 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 usually very important for participants so that they 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 product. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The desired DEPB rates and General Instructions will also 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 the latest announcement made by DGFT Delhi and other zonal hq. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can really be obtained make up the website of Infodrive India, a leading online import and export database reputable company.