IMPORT

Import is any goods or service brought into

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.