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 money flow of Foreign Trade is the major task of this board. Following are some of market 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 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 your business. For example – suppose an exporter has been exporting Leather Garments to Nigeria. One of several latest Notifications issued by DGFT reads that all export Import Export Code Online Registration India activities commencing to or from Nigeria are blocked for good. 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 latest announcements out of which one board conserve huge losses.
IEC or Importers Exporters Code Number
IEC Code issued by DGFT India is the greatest requirement for starting an import export business. In other words, it’s the permit written 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 country. Without ICE code, nobody can pursue a move transaction in India.
Export Import Trade Policy of EXIM Policy will be the set of guidelines formulated by the board no cost flow of foreign business. These guidelines have been implemented to improve the intensity of Import Export trading. Prime objectives belonging to 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 tend to be for participants so that they’ll plan profitable and successful trading 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 course. This incentive is usually granted to the exporter under several circumstances mentioned under DEPB General Instructions. The DEPB rates and General Instructions will also set, and updated by DGFT The indian subcontinent.
All these characteristics of DGFT are of great importance for every trader. Therefore, foreign traders are always on the lookout for your latest announcement made by DGFT Delhi and other zonal home office. DGFT Delhi located at IP Bhawan New Delhi, issues several announcements in an year. These announcements can really be obtained constitute the website of Infodrive India, a leading online import export database tiny.