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IMPORT AND EXPORT PROCEDURES IN INDIA- No Headings | Company Vakil

IMPORT AND EXPORT PROCEDURES IN INDIA

When compared to countries around the globe, in terms of overall export of merchandise, India’s rank is on the 19th position. Also, in terms of overall import of merchandise, India has its place on the 12th position. The Indian Government is being “pro-business” and hence, has many liberalisation deals yet to be signed by it. India is considered to be a Country which has a great deal of opportunities lined up for foreign and domestic businesses and their establishments for setting up successful import or export businesses. It goes without saying that for undertaking and setting up any kind of business , including import or export business, the Entrepreneur has to have a strong understanding of all the requisite documentation with reference to import or export transactions that take place on daily basis.
Export and Import Procedure that is followed in India relates to being exporting or importing goods from India, the business or individual involved must obtain, from the Directorate General of Foreign Trade, Import Export Code or IE Code IE Code can be obtained by the business after obtaining PAN and opening a bank account.
Commercial Invoice has the terms. Commercial invoice is issued by the seller to the buyer and it comprises of the terms of the transaction. For example, date of transaction, seller details, buyer details, value, shipping terms and more. When the customs duty is levied on the shipment, it is usually based on the commercial invoice which is raised by the seller.
Air Waybills can be used as a proof. An airway bill is a proof that the transportation of goods is carried out by air. Air waybills is actually a receipt of goods which acts as a proof, for transportation by the air cargo agent, an invoice for the transportation of goods by air. It can be further described as a certificate of insurance and acts as a guide to the air cargo agent who is reportedly for handling, dispatching and/or delivering the consignment of merchandise. A typical airway bill contains has details like the names of the shipper and the consignee, the departure airport and destination airport, description of the goods, sign and seal of the carrier.
Bill of Lading is also an important document. Bill of Lading is provided for the goods which are being shipped. This bill is provided by the shipping agency for goods shipped by them. Bill of lading contains information relating to the shipper, consignee, carrying vessel, ports of loading and discharge, place of receipt and deliver, mode of payment and name of the carrier.
Bill of Exchange is like an agreement. Bill of exchange is used when there is an agreement between the importers and the exporters, where the former agrees to pay a certain amount that is mutually agreed upon, in future on a date on or before that. Bill of exchange is one of the most important written document in the whole wholesale trade transaction, wherein large amounts of money is involved. Bill of exchange can be further classified into categories as a bill of exchange after date and a bill of exchange after sight. A Bill of exchange after date is when the due date for payment is counted from the date of drawing. A Bill of exchange after sight is when the due date for payment is counted from the date of acceptance of that particular bill.
Certificate of Origin is used while clearing customs. Certificate of origin is usually requested by the Customs Authority while clearing Custom goods. The origin of the product being transported is established using this certificate and is issued by the Chamber of Commerce of the Exporter’s country. This certificate, as the name suggests, usually contains the name and address of the exporter, details of the goods, package number or shipping marks and quantity, as applicable.
Packing List has information about the goods. Packing list has a detailed list of information about the goods that are being shipped, quantity, weight and packing specifications. Packing list must contain all the description of the goods and have details regarding the shipping marks.
Letter of Credit is another requisite agreement. Letter of Credit is an arrangement between a Bank and a customer, in which, the former agrees to make payment to a beneficiary (the latter), on receipt of documents from beneficiary as per the terms that are beforehand established in the Letter of Credit. Letter of Credit also know as “LC” is used widely when it comes to transactions taking place in the international and domestic trade arena.

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