INDEX

Pre-Import Procedure Steps in Import Procedure Legal Dimensions of Import Procedure Customs Formalities for Imports Warehousing of Imported Goods Exchange Control Provisions for Imports Retirement of Import documents

The basic steps formulating the import procedure. Beginning by selection of the product, right up to retirement of import documents

Import Procedure

Pre Import Procedures

Selecting the Right Product Selecting the Supplier Finding out Credit Worthiness of

Supplier Availing the services of Suppliers

Agents in India Finalizing the Terms of Import

Steps in Import Procedure

Fixing the Terms & Conditions Placing the Order Obtaining license Obtaining Quota Certification Foreign Exchange Letter of Credit

Appointing Clearing & Forwarding Agent Shipment Advice Receiving Documents Obtaining Delivery Orders Clearing of Goods from Customs Making Payments for Import

Legal Dimension of Import Procedure

Finalizing the terms of Import Mode of Pricing Mode of Payment Obtaining Importer-Exporter’s

Code Numbers (IEC Number) Obtaining Import License Obtaining Foreign Exchange Financial Planning for Import Obtaining Letter of Credit from

the Bank

Custom Formalities for Import

Import Manifest Presenting the Bill of Entry Clearing of Goods Warehousing (Storing) Goods

Warehousing of Imported Goods

Warehousing means storing of Goods

Delay in delivery after arrival results in Warehousing

Storage provision of unpaid Custom Duty goods was given in Customs Act 1962

Maximum time of storing is 1 year

Capital Goods are stored for 5 years

Extension Application can be done

Time of storing can be only increased by Chief Commissioner of Customs by 6 months or more

Warehoused goods could be sold out on Notice

Extension Application can be done

Officers Inspect the Goods Frequently

Goods storing period can be reduce by Commissioner

Bill of Entry (Yellow Color) Ex-Bond Bill of Entry

Exchange Provision Control for Imports

Regulated By DGFT Policy & terms announced

by DGFT Bank are permitted to

open Letter of Credit Payments are made by

showing Shipping Documents

Permitted Currency Payments made according

to provision of FEMA Payments within 6 month Deferred Payment

Arrangement Payments of Books

Retirement of Import Goods

Loading of goods and shipment advice Retirement of Import Documents Bill of Exchange Examination of Documents Appointing of clearing and forwarding (C & F) Agents

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