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This PPT Explains the Import Procedure Perfectly with Animated Slides and Graphical Representations.
Also covers the impact of Foreign Trade Policies on Import Exports!
This PPT Explains the Import Procedure Perfectly with Animated Slides and Graphical Representations.
Also covers the impact of Foreign Trade Policies on Import Exports!
This PPT Explains the Import Procedure Perfectly with Animated Slides and Graphical Representations.
Also covers the impact of Foreign Trade Policies on Import Exports!
one country from another country. IMPORT PROCEDU RE PERSON IN- CHARGE OF VESSEL IMPORTER 1. Import Manifest / Report 2. Arrival at customs port/airport only PROCEDURE BY IMPORTER Step 1. Obtaining import license and quota Importer has to apply to the controller of imports for getting necessary permission.
An import license may be general or specific.
The importer also has to obtain import quota certificate from the concerned authority.
PROCEDURE BY IMPORTER Step 2. Obtaining foreign exchange
Before placing any order, the importer must apply to the Exchange Control Department (ECD) of RBI (India's Central Bank) for the release of requisite foreign exchange.
The ECD verifies the application of the importer, and if found valid, sanctions the foreign exchange for the particular transaction.
PROCEDURE BY IMPORTER Step 3. Placing the Order
The importer may either place the order directly or through the indent house (Agent).
In case of canalized items, he obtains the imports through the canalizing agency.
Seller and Buyer conclude a sales contract, with method of payment usually by letter of credit (documentary credit). STEP 1: 1 Buyer applies to his issuing bank, usually in Buyer's country, for letter of credit in favor of Seller. STEP 2: 1 2 Issuing bank requests another bank, usually a Bank in Seller's country, to advise and usually to confirm the credit. STEP 3: 1 3 2 Advising bank, forwards letter of credit to Seller informing about the terms and conditions of credit. STEP 4: 1 3 2 4 If credit terms and conditions conform to sales contract, Seller prepares documents, & arranges delivery of order. STEP 5: 1 3 2 4 5 Seller presents documents evidencing the shipment and draft (bill of exchange) to the advising bank. STEP 6: 1 3 2 4 5 6 Bank examines the documents, & on compliance with credit terms, sends the documents and draft to the issuing bank. STEP 7: 1 3 2 4 5 6 7 Documents are examined, sellers draft is honored & released to Buyer after payment, or other terms agreed. STEP 8: 1 3 2 4 5 6 7 8 Buyer surrenders bill of lading to carrier in exchange for the goods or the delivery order. STEP 9: 1 3 2 4 5 6 7 8 9 Incoming Shipment PROCEDURE BY IMPORTER Customs Clearance Procedure: The importer's bank receives the documents from the exporter's bank. The documents include: Bill of exchange, Copy of bill of lading, Certificate of origin, Commercial invoice, Packing list, and other relevant documents. PROCEDURE BY IMPORTER Customs Clearance Procedure: Bill of Entry - This is a document required in case of import of goods. A Bill of Entry is the document testifying the fact that goods of the stated value and description in specified quantity are entering into the country from abroad.
BILL OF ENTRY NOTING BOND BILL OF ENTRY ( YELLOW COLOUR ) HOME CONSUMPTION BILL OF ENTRY ( WHITE COLOUR ) ASSESSMENT 1 ST METHOD
EXAMINATION 2 ND METHOD PRE AUDIT DUTY PAYMENT / BOND 1 ST METHOD 2 ND METHOD EXAMINATION DELIVERY PROCEDURE BY IMPORTER Customs Clearance Procedure: Clearing of goods :The clearing agent pays the necessary Dock or Port Trust dues and obtains the Port Trust Receipt in two copies. He then approaches the Customs House and presents one copy of Port Trust Receipt, and two copies of Bill of Entry to the customs authorities. The importer then pays the customs duty and clears the goods.
SYBMS EXIM R. NO. 2008 Foreign Trade Policy? The Union Commerce Ministry, Government of India announces the integrated Foreign Trade Policy FTP in every five year. This is also called EXIM policy. This policy is updated every year with some modifications and new schemes. New schemes come into effect on the first day of financial year i.e. April 1, every year. The Foreign Trade Policy which was announced on August 28, 2009 is an integrated policy for the period 2009-14.
Objectives of Foreign Trade Policy 1. To arrest and reverse declining trend of exports is the main aim of the policy. This aim will be reviewed after two years.
2. To Double India's exports of goods and services by 2014.
3. To double India's share in global merchandise trade by 2020 as a long term aim of this policy. India's share in Global merchandise exports was 1.45% in 2008.
Objectives of Foreign Trade Policy 4. Simplification of the application procedure for availing various benefits
5. To set in motion the strategies and policy measures which catalyze the growth of exports
Objectives of Foreign Trade Policy 6. To encourage exports through a "mix of measures including fiscal incentives, institutional changes, procedural rationalization and efforts for enhance market access across the world and diversification of export markets.
Statistics: Share of Imports Asia 27% Middle East 3% Africa 2% CIS countries 2% North america 21% South & Central America 3% Europe 42% Europe 42% Statistics: Share of Exports Asia 30% Middle East 5% Africa 3% CIS countries 4% North america 14% South & central America 4% Europe 40% Aim in General The policy aims at developing export potential, improving export performance, boosting foreign trade and earning valuable foreign exchange. FTP assumes great significance this year as India's exports have been battered by the global recession.
A fall in exports has led to the closure of several small- and medium-scale export-oriented units, resulting in large-scale unemployment. TARGETS Export Target : $ 200 Billion for 2010-11
Export Growth Target: 15 % for next two year and 25 % thereafter.
INDIAS FOREIGN TRADE POLICY 2009-14 Fisheries exempted from maintenance of average EO under EPCG Scheme (along with 7 sectors) however Fishing Trawlers, boats, ships and other similar items shall not be allowed for this exemption.
Additional flexibility under Target Plus Scheme (TPS) / Duty Free Certificate of Entitlement (DFCE) Scheme for the marine sector.
Announcements For Marine sector : INDIAS FOREIGN TRADE POLICY 2009-14 Duty Drawback is allowed on Gold Jewellery exports to neutralize duty incidence.
Plan to establish "Diamond Bourse (s) with an aim to make India and International Trading Hub announced.
Introduction of a new facility to allow import on consignment basis of cut & polished diamonds for the purpose of grading/ certification.
Announcements for Gems & Jewellery Sector: INDIAS FOREIGN TRADE POLICY 2009-14 On the payment of 50 % applicable export duty, Leather sector shall be allowed re-export of unsold imported raw hides and skins and semi finished leather from public bonded ware houses. Announcements for Leather Exports : INDIAS FOREIGN TRADE POLICY 2009-14 Export Obligation Period for advance authorizations issued increased from existing 6 months to 36 months.
Pharma sector included under MLFPS for countries in Africa and Latin America & some countries in Oceania and Far East.
Announcements for Pharma Exports : INDIAS FOREIGN TRADE POLICY 2009-14 The existing Minimum value addition under advance authorization scheme for export of tea is 100 %. It has been reduced from the existing 100% to 50%.
Announcements for Tea Exports: INDIAS FOREIGN TRADE POLICY 2009-14 Introduction of a single window system to facilitate export of perishable agricultural produce with an aim to reduce transaction and handling cost.
This system will involve creation of multi-functional nodal agencies. Announcements for Agro Exports: CONCLUSION International Business plays a crucial role in the economic development of a nation as it leads to industrialization, employment and reduction of scarcity of consumer goods.
Our share of world trade has significantly increased over the years. At present, International Business opportunity in India exists in areas like IT, Telecom, R&D, Infrastructure, Retailing, etc.
Sectors like health, education, housing, water resources, SMEs are untapped and offer huge scope.