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 Sweden. Framing rules and policies and implementing the formulated rules for regulating 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, will be of prime importance for import export traders. These notifications are currently the announcements made together with board for introducing changes made inside existing insurance plans. It is the first and foremost concern of every trader to know about the interim trade policies that are very crucial for your 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 restricted. The Leather Garments exporter must cease all his covers the country as soon as the announcement is fashioned. Therefore, the traders must keep a tab on all the latest announcements on the board preserve huge damages.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the number one requirement for starting an import export business. Consist of words, it’s the permit given by this board to any bonafide person/ company for starting a venture of Import Export Code Online Registration India export trade. This code is comparable to an identification ID issued to every importer exporter of the country. 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 freely available flow of foreign industry. These guidelines have been carried out 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 for the traders so that they’ll 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 application. 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 Sweden.
All these characteristics of DGFT are important for every trader. Therefore, foreign traders are always on the lookout for the 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 can also be obtained from the website of Infodrive India, a leading online export import database supplier.