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EX-IM PROCEDURE IN INDIA

EXPORT PROCEDURES
Receipt of an order Obtaining License and Quota Letter of Credit Fixing exchange rate Formalities done by forwarding agent Bill of Lading Shipment advice to importer Presentation of documents to the bank Realization of export proceeds Follow up

Foreign exchange formalities


Preparation for executing the order

IMPORT PROCEDURES
Obtaining import license and quota Obtaining foreign exchange Placing an order Bill of entry Delivery order Clearing of goods Payment to clearing and forwarding agent Payment to exporter Follow up

Dispatching letter of credit


Appointing clearing and forwarding agents

Receipt of shipment advice


Receipts of documents

DOCUMENTS USED IN EX-IM PROCEDURE


Bill Of Lading
Marine insurance Certificate of Origin

consular invoice
commercial invoice Letter of Credit Bill of entry, etc.

BILL OF LADING
It is an official receipt given by the shipping company as an acknowledgement of the receipt of goods to be transported to the port of destination. It is also a contract for the carriage of goods.

MARINE INSURANCE
It covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.

CERTIFICATE OF ORIGIN
It is an important international trade document attesting that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country.

CONSULAR INVOICE
A document certifying a shipment of goods and shows information such as the consignor, consignee and value of the shipment.

COMMERCIAL INVOICE
Document required by custo ms to determine true value of the imported goods, for assessment of duties and taxes

LETTER OF CREDIT
It is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase

BILL OF ENTRY
A declaration by an importer or exporter of the exact nature, precise quantity and value of goods that have landed or are being shipped out. Prepared by a qualified customs clerk or broker, it is examined by customs authorities for its accuracy and conformity with the tariff and regulations.

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