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Introduction As per section 2(e) of Foreign Trade (Development & Regulation) Act 1992, the term Export is defined as taking out of India any goods by land, sea or air . As such, the goods and services must leave India, or cross the customs frontiers of India to a foreign destination, for being reckoned as export. Import is purchase of goods and services from foreign land to India.
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Dr P K Vasudeva
EXPORT IMPORT
Export and Import is governed by Exim Policy 1992-1997, Exim Policy 1997- 2002 and Exim Policy 2002 2007. This is followed by Foreign Trade Policy 2004 2009 and 2009 2014. Why the Exim policy has been changed to Foreign Trade Policy needs to be investigated and understood?
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DECLARATION FORMS
GR Form RBI has devised this form for exports to all countries other than post. It is a declaration that all FE realisation of exported goods will be deposited with RBI. PP Form Used by exports to all countries by parcel post, except those made on Value Payable or Delivery basis.
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VP/COD Form Used for reports to all countries by parcel post under arrangement to realize proceeds through postal channels on Value Payable or Cash on Delivery Basis. Softex Used for export of computer software in nonphysical form.
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Dr P K Vasudeva
Export duty/cess Free of duty/cess Entitlement to duty drawback Entitlement of credit under DEPB scheme
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OTHER DOCUMENTS
Commercial Invoice This is the main document in an export documentation. It contains the information as description of goods, price charged, quantity of commodities, various costs charged, terms of shipment, number of packages and marks/codes. The date of invoice, names and address of buyers and sellers, name of shipping vessel and port of destination.
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Consular Invoice
Consular Invoice is a document mainly required by the Latin American countries, Kenya, Uganda, Tanzania, Mauritius, New Zealand, Myanmar, Iraq, Australia, Fiji, Cyprus, Nigeria, Ghana and Zanzibar. The embassy of the concerned country has to certify the goods after paying the requisite fee. Customs Invoice Countries like the U S and Canada require customs invoice for their customs valuation. The exporter has to submit the invoice - fob invoice, C&F invoice, cif invoice ex-ship invoice, Franco and invoice
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Legalized Invoice Some countries like Mexico require a legalized invoice. It is like consular invoice but there is no prescribed form as such. Certified Invoice At times an exporter is called upon to certify on the invoice that the goods are of particular origin in packed/manufactured form at a particular place and in according with specific contract.
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Bill of Exchange When a draft bill is drawn on a foreign firm, it is termed as foreign draft or bill of exchange. It is prepared either in international currency or Indian currency depending on terms of contract. Dollar Bill/Rupee Bill. Sight Draft , or Usance Draft/Bill Proforma Invoice This is a temp. commercial invoice sent by exporter to importer who signs it and send it back to exporter thereby becomes a contract.
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Packing List It is a list following details in each parcel/shipment of goods contained. It shows item-by-item, contents of containers for buyer to check the shipment. Letter of Credit (LC) Letter of Credit popularly known as LC is the nos important document of the trade. It is a promise by the overseas importer to through his banker where the LC is opened by him to the exporter through his banker to pay the proceeds after receipt of shipment.
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Marine Insurance: It is the basic instrument in marine Insurance. It is a contract between the policy holder and the insurance company. Export Licence: For controlled commodities and also for restricted and negative list items, an export licence has to be obtained from the DGFT. Certificate of Inspection: In order to build up the Indian image the goods exported are inspected by customs and certificate issued for quality goods by DGFT.
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Certificate of Origin: The Govt of India has authorised The Export Promotion Councils and its various agencies Generalized System of Preferences: Commonwealth countries and advanced countries of the world which have given concessions to the developing countries exporter must get GSP from the countries concerned. Certificate of Chemical Analysis: Metallic ores and pigments a certificate from analyst.
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