What are the procedures for both import and export trade?

What are the procedures for both import and export trade?

Basic Import / Export Procedures

• Market Research and Setting Objectives of Distribution. Selecting target markets, methods of exportation and channels. …
• Trade Regulations. Export regulations and requirements. …
• Making Contacts. …
• Quotation and Terms. …
• Sales Contract. …
• Contract Execution. …
• Customs Clearance. …
• Getting Paid.

What is the procedure for export?

An exporter must approach a Govt. Authorized Agency for Quality Check and Inspection of Goods meant for Exports and obtains an Inspection Certificate. After Inspection, The exporter has to apply to the Excise Commissioner to obtain the excise clearance from the excise duty.

Which is the first step in export procedure?

In general, an export procedure initiates with the willingness to send the goods and services to other foreign nations at some price, these procedures of export are stated below: Step 1: Receipt Order.

What is import procedure?

Import procedures

1. Obtain IEC. …
2. Ensure legal compliance under different trade laws. …
3. Procure import licenses. …
4. File Bill of Entry and other documents to complete customs clearing formalities. …
5. Determine import duty rate for clearance of goods.

Which documents are required in import procedure?

The below following are documents for Import of Goods.

• Bill of Entry.
• Commercial invoice.
• Packing List.
• Bill of Lading.
• Foreign Exchange Control Form (Form A-1)
• Terminal Handling Receipt.
• Certified Engineer’s Report.
• Cargo Release Order.

What are the procedures of import trade?

A country has to follow the procedure mentioned below for import trade.

• Trade Enquiry. …
• Getting an Import License. …
• Obtain Foreign Exchange. …
• Placing Order. …
• Arranging a Letter of Credit. …
• Arranging Finance. …
• Acquiring Shipping Documents. …
• Goods Arrival & Release of Goods.

What are the export procedure and documents?

The Export Shipping Documentation Process

1. Step 1: Receive an Inquiry. …
2. Step 2: Screen the Potential Buyer and Country. …
3. Step 3: Provide a Proforma Invoice. …
4. Step 4: Finalize the Sale. …
5. Step 5: Prepare the Goods and the Shipping Documents. …
6. Step 6: Run a Restricted Party Screening (Again)

How many stages are there in export procedure?

Export Procedure can be divided into following stages:- Stage 1:- Registration Procedure. Stage2:- Pre-Shipment Procedure. Stage3:- Shipment Procedure. Stage4:- Realizing Export Incentives.

What are pre shipment documents?

Pre Shipment Finance is issued by a financial institution when the seller want the payment of the goods before shipment. The main objectives behind preshipment finance or pre export finance is to enable exporter to: Procure raw materials.

What are export documents?

Export Documents not only gives detail about the product and its destination port but are also used for the purpose of taxation and quality control inspection certification. Shipping Bill / Bill of Export. Shipping Bill/ Bill of Export is the main document required by the Customs Authority for allowing shipment.

Which is the first step of import procedure?

The steps taken in import procedure are discussed as follows: ADVERTISEMENTS: (i) Trade Enquiry: The first stage in an import transaction, like any other transaction of purchase and sale relates to making trade enquiries.

What is IGM in import?

Import General Manifest (IGM) notifies customs department of importing country by carrier of goods about the details of goods arrived to such customs location.

What is import cycle?

Import cycles are the result of a design error. Structs which depend on each other in both directions must be in the same package, or else an import cycle will occur.

What is Lut in export?

LUT in GST: Full form/meaning is Letter of Undertaking. It is prescribed to be furnished in the form GST RFD 11 under rule 96 A, whereby the exporter declares that he or she will fulfill all the requirement that is prescribed under GST while exporting without making IGST payment.

What is bill of lading in export?

Bill of Lading in a legal document, used between a shipper and a carrier that specifies the type, quantity and destination of the goods that is being carried. The bill is also used as a shipment receipt when the carrier delivers goods at the predetermined destination.

What are the three 3 main documents required for import customs clearance?

• Customs for the clearance of imports consists of:

• Import Declaration.
• Bill of Lading (B/L) or Air Waybill.
• Invoice.
• Packing List.
• Import License (if applicable)
• Certificates of Origin (if applicable)
• Other relevant documents such as catalogue, product ingredients, etc.