Director General of Foreign trade or DGFT is the governing board that supplies a set of guidelines and framework for importers and exporters trading in Pakistan. 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 the actual board for introducing changes made in existing ideas. It is the first and foremost concern of every trader to know about the interim trade policies that may be crucial for that 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 restricted. The Leather Garments exporter must cease all his addresses the country as soon as the announcement is fashioned. Therefore, the traders must keep a tab on all in case you announcements on the board preserve huge mishaps.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the optimal requirement for starting an import export business. In other words, it is the permit due to this board to any bonafide person/ company for 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 will be the set of guidelines formulated by the board for free flow of foreign industry. These guidelines have been implemented to improve the intensity of Import Export trading. Prime objectives of your 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 for the traders so that they may plan profitable and successful trading ideas.
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 Documents required for Import Export Code Registration Online DEPB rates and General Instructions will also set, and updated by DGFT India.
All these functions of DGFT are important for every trader. Therefore, foreign traders are always on the lookout for your 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 is often obtained form the website of Infodrive India, a leading online import export database supplier.