import finance

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t'er1113 c ~ f ' i ~ y ~ ~ ~ e ~ i tI I ~ Important documents to be attached with the claims are (i) certified copy of the export orderI:l~la~~clngrecticca (ii) certified copies of invoices (iii) certified copies of bills of lading (i v) copies of the

correspondence with the buyer. All claims are paid in Indian rupees through the bank whichhandled the bills concerned. Small Exporters Policy has been introduced to encourage sinallexporters.

The ECGC provides guarantees to protect the banlts from lossesOn aCCOUllt oftheir leilclillgsto exporters. Six guarantees have been evolved for this purpose. These include (i) lJackirlgCredit Guarantee, (ii) Export Production Finance Guarantee, (iii) Post- Sllipment Expor~Credit Guarantee, (iv) Export Finance Guarantee, v) Expolt Performance Guarantee,(vi) Export Finance (Overseas Lending) Guarantee.

9 1 KEY WORDS

Buyer's C redi t: A loan extended by a financial institution or a consortiuln of financialinstitutions to the buyer for financing a particular export conlract.

Credit Limit: The limit upto which claim can be paid under the policy for losses on accountof commercial risks.

Services Policy: Policy against rendering of services to foreign parties by Indian firms.

9 12 ANSWERS TO CHECK YOUR PROGRESS

A 3 i) False ii) False iii) True iv) True v) False

B) 3 i) False ii) True iii) True iv) False v) False

4 24 Months ii) Credit Limit iii) Indian iv) Banks

9 1 3 TERMINAL OUESTIONS

Evaluate the services provided by the ECGC to the exporters.

How far has the ECGC helped the exportersin obtaining export finance?

Describe the different kinds of policies and financial guarantees issued by the ECGC.

Credit is a major weapon of international competition but it invo lves risk. Discuss.

What is the nature of the risks faced by the international marketer in financing hisoperations and granting credit to his customers What are the mea ns available inIndia to handle these risks

UNIT 10 IMPORT FINANCE

Structure

Ol?jectivebIntroductionl~nport inancingTlie Regulatory FrameworkExchange Colitrol Regulations ConcerningImpel-taMethods of Import Finance10.5. Financing Import under Lcttcr of Crcdit10.5.2 Financing nguinst Bills under Collection10.5.3 Financing llnports against Deferred Payment10.5,4 Financing under Foreign Credit10.5.5 Import Loans by Export Import Dank of lndiuLet Us Sum upKey WordsAnswers to Check Your ProgressTertninal Questions

10 0 O B J E C T I V E S

Afer studying this unit. you should be able to:

explain tlie nature and significilnce of import financing decisions

describe tlie institutional regulatory framework of import financing@ discuss the exchang e control regulations concerning imports.

e explain various methods of import financing

10.1 INTRODUCTION

llnports play an important rolein the econo~ny f evely country, rich and poor alike. Richcountries need to ilnport capital goods, raw lnaterials and technology to ensure an optimumutilisation of tIieilm roduction capacity. They nced to import a wide variety ofconsumergoods to enable their people to enj oy high standilrd of living. Poor countries need to ilnporttechnology and capital equipment and solne time strategic raw materials to develop indus-tries for accele17ating ace of the ir develo pment . In India, for example, the pace of industrialisation. level of exports and consequently the rate of economic growth is heavily dependentLlpon imports. A low level of ilnports usually indicates low purchasing power of its peopleand also emergence of recessionary trends in economy. At a firm's level efficient managementof import operations is a critical factor in determining the overall profitability of its imports.Hence, a through understanding of import financing techniques and practices is nscessaryfor concerned managers.In this unit, you will learn the regulatory framework and relatedexchange control n~echa nism f import financing and various methods of import financing,

10 2 IMPOR T FIN NCING

India followeda restricted import policy till mid eighties, Nothing could be imported without alicence involving culnbersolne procedures alongwith intricate documentiltion. Althoughsane liberalisation measures were taken in second half of eighties, real breakthrough cameonlyin 1991.


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Te r m s o P P ~ I I I C I I ~od Steady progress has been madein nineties in replacement of quantitative restrictions,I i ~ I Icing Iyrrctices licensing and discretionary control over imports by deregulation, simplification of procedures

and protection through tariff and exchange rates. Export Import policies of 1992-97 and 1997-2002 were the steps in this direction.

It is against the background of nature and significance of India s import trade, on e lias tounderstand import financing methods and techniques. Import financing involves makingpayment to foreign entities for the goods purchased from them. From the managementdecision making viewpoin t, it means making decision regarding tenns of payment (i.e.choosing one among several alternatives), arranging funds, involving choice of financialinstitution and the instrument to be used for making payment and involving choice ofintermediary, through whom the payment is to be made.

THE REGULATORY FRAME WORK

The principal objectives of India s Export Import Policy is to accelerate t he co untry s transac-tion to an internationally oriented economy with a view to derive maximum benefit from tlieexpanding global market, Various policy objectives are achieved basically through threelegislations.

These are:

1. Foreign Tra de (Development Regulation) Act,1993 administered by DirectorGeneral, Foreign Trade (DGFT) replacing the earlier legislationImpel-t Export(Control) Act, 1947,administered by the Chief Controller of Imports Exports(CCIE).

2 Foreign Exchange Management Act,1999 administered by the Department ofEconomic Affairs, M inistry of Finance and the Exchange Control D evelopment of the

Reserve bank of India. FEMA has been brought is place of Foreign ExchangeRegulation Act.

3 Indian Customs and Excise Act,1962 administered by Central Board of Exclse andCustoms.

For exporting units, certai n special facilities have been provided under the present policy.Under tlie Export Pro~ notio n apital goods (EPCG) Scheme, capital goods can be importedta concessional rate of cus tom d uty, subject to an export obligation to be fulfilled w ithinspecified period of 5-8 years. Under the Duty Exemption Scheme, he government permitsi~npolt f raw materials, interm ediates, components, consumables, spare parts, accessories.packing materials and com puter software required for direct use in the product to be ex-ported duty free under different categories of licences. Advance licence is issued for inputsneeded for export production. It can be issued for physical exports, intermediate supply anddeemed exports.

10 4 EXCHANGE CONTROL REGULATIONSCONCERNING IMPORTS

Exchange conlrol regulations refer to rules and regulations framed and admiriistered by tlieRcserve bank of India (RBI) under tlie provisions of Foreign Exchange Management Act,1999. These regulations aim at pooling resources for national development in the bestinterest of tlie country. U nder the provisions of the Act, RBI regulates sale and purchase offoreign currencies, Comn~ercial anks with a licence to deal in foreign currencies, calledauthorised dealers (AD S) buy and sell foreign currencies in accordance with the guidanceprovided by tlie RBI. Let us learn various regulations regarding payment of imports.

Mode o Paym ent: Exchange control regulations govern sales of foreign currencies to non-residents against import o fgo ods from any country except- Nepal and Bhutan. It may bepointed O L I ~hat residents of tliese two countries are residents for the purposes of exchangecontrol regulations, hen ce, ADS cannot sell any foreign exchange for financing imports fromthese two countries.

Under tlie existing regulations, ADS provide foreign currencies to importers:i) for remittance to foreign supplies as advance payments.

ii) Paying the foreign supplies in compliance of their undertaking under the letter ofcredit.

The rules and operational procedures and changes relating to imports are framed by the iii) discount ing on purchas ing except documents.

Foreign Exchange Dealers Association of India (FEDAI).In addition, Uniform Customs iv) advances against sl~ip ping ocuments.Practice for Documentary Credit (UPDC) formulatedby lnternational Chamber of Commerce,Paris which has a global acceptance, is indispensible to cover transactions under documen-tary credits.

India s import policy is formulated within the framework of obligations of the Membership ofWorld Trade Organisation WTO). ence, the policy does not have a discriminatory andrestrictive dimension. Whatever restrictions on imports continue are the ones w hich havebeen allowedunder the WTO regime. In line with WTO provisions for according preferentialtreatment of imports from developing countries, India has signed several preferential treadingarrangement with some South Asian Countries and the products which will attractconcessional rate o f duty are-also specified.

Physical control over imports is exercised by DGFT and the Customs Deptt.RBI exercisefinancial controls through the guidelines provided to authorised dealers. Of late, tariffs ratherthan quantitative restrictions are being used to regulate import tr ade.

Under the present policy, all goods, except those appearing on ~e g at iv eist can be freelyimported in India. For goods.included in the restricted, or banned list, import licence may beissued by the Director General of Foreign Trade. An import licence is an authorisation whichincludes customs clean nce permit (CCP) indicatingint r alirr quantity description andvalue of the goods, actual user conditions if any, the minimum e xport value if any, exportobligation, ifany, and value addition obligation, if any. Import licences which a re issued onC.I.F. basis, is given in duplitate viz. Customs Copy (for clearance from customs)ar 2Exchange Control copy for remittances.

Authorised dealers can open a letter of credit (LIC) to facilitate impo~ ts,ubject to followingregulatio~ls:

a) Letters of credit may be opened by banks only on behalf of their customers whotnaintain account with theln.

b) LIC should be opened in favour of overseas suppliers of shipper of goods.

c) A~pl ica t ion o r L/C must be accompanied by sale contract and other documentaryeviderice relating tcr tlle order and its confirmation and import licence, if any.

Authorised dealers have been permitted to sell foreign currencies for making paymenttowards imports into [ndia. For this purpose, importers have to submitan appIication in formA giving the necessary deta ils including classification of goods based on Harmonizedsystem. It is also obliga tory on the part of an importer to subm it exchangc control copy ofcustoms bill ofe ntry to the authorised dealer through whom the relative remittance was madeas evidence that the relative go ods for which the payment was made have actually been

, imported into India within three montlls from the date of remittance,

In respect of imports by post parcel, postal wrappers are required to be submitted as docu-mentary evidence in support of iniports into India.

Crlrrcncy o Payme nt: According to exchange control regulations, payment for importsshould be made in a currency ap propriate to the country or through an account appropriateto tlie country of origin o f goods irrespective of the country from where they a re shipped or

I 111port I i l ~ l l ~ c


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~ ~ I I I S11 I ~ I I ~ ~ I I C I I ~I ~ supplied. R I has given a list of permitted currencies and approved mettiods of payment forI ~ I I ~ I I I C ~ I I ~B r ~ t c t i c c s

imports in Exchange Control Manual for guidance of importers.

Time limit for settlementof imports bills: Time limit for settlement of imp ort bill s monthsfro111 he date of shipment, but authorised dealers can settle without ref erence t oRBI even ifthe period of six months has expired, provided theA D is satisfied about th e bonafides of thecircumstances,

Check Your Progress A

I) What is import financing ?

o

2) What do you mean by im port licence?

3 Wliat is advance licence?

' . ' , . ' , ,~.... . , . . .1.... . . .1.1,,.. . . . . . . . . . . ,~...*~*..,.. . . , . . . . , . , , . .*.... . . . . . . . . . . . . . . . . . . , . . . . . . . . . . , , . , , . ,

4) State wlletlier following statements are Tr ue or False

i) Time limit for settlement of import bill is6 months from the d ate of shipment.

ii) Uniform Cu stoms and Practice for Documentary Credit is not indispen sible tocover transactions under documentary credit.

10.5.1 inancing Import Under Letter of Credit

Letter of credit can be defined as a commitment of bank to pay the seller of goods or services0 certnin nniount provided he presents stipulated documents evidencing the shipment of

or tlie performance of service s withina prescribed period oftim e,As a credit insuu-l i~ent ltd s a mennsof makin g and securing payment, the letter of credit is an essentialinstruntent for con ducting w orld trade today . It fulfils all the requirements provided the

regarding its use are stated in clear and unambiguous terms.

Import letters of credit financing involves hree principal stages:

i Requesting bank to open a letter of credit

ii Retiring documents under letter of creditiii) Impor t Trust receip t facility .

Each time a LIC is opened, the importers has to file a formal stamped Letter of credit appiica-tion and Agreement in the prescribed form. The application should set forth the preciseterms and cond itions un der which th e impo rter wishes his bank to establish the credit, anddescribe the documents covering the goods purchased which the bank is to receive inexchange for paym ents.

As the correct ope~ iing f the credit is the first essential to the ultimate success of thetransaction and as the LIC will-be ssued on the basis of information supplied by the importerin the LIC application. it is absolutely necessary that the information sup plied by him must b ecomplete arid precise. After du e scrutiny of the application form, the relevant letters areissued by tlie bankers subject to the Uniform Customs And Practice for DocumentaryCredits, in order to guard against confusion and misunderstanding.

Letlers of credit may be opened by mail or Fax depending upon the urgency of the situation,It niny be revocnble or irrevo cable. IrrevocableL C implies that the tenns and co nditions ofthe credit can be n~nended nly with the consent of all the concerned parties, At times, thei~iipo~teray nsk the issuing bank to get the credit confirm ed by another bank. It means thatin nddition to the issuing bank (the con firming bank) assumes the commitment to payprovided tlie terms o f tlic credit are fu lfilled.

LtC is sent by tlie issuing bank to a bank in the suppliers country witha request to delivertlic snnie to the supplier, called tlie beneficiary, lf the beneficiary is satisfied with tenns a ndco~iditionsmentioned in L/C he ships the goods, obtains the required documents andsubniits then1 to bank , usually hi s own, u nless a name has been specified in the credit. Bankscrutinises lie documents and if he find s hem in conformity with the LIC and the reimburse-ment instl-uctions. lie pays tlle suppliers. T hereafter he sends the docu ments to the issuingbanker wlio again scrutinises th e docum ents with references to the.terms of the credit. If he issatisfied. he pays the negotiating banker.

iii) Import licences are issued on CIF basis.

iv) Autliorised dealers can sell foreign exchange for financing imp orts fro m Bhutan.

v) Payment of import should be made in a currency appropriate to th e country .

10 5 METHODS OF IMPORT FINANCE

The methods of import financing include: financing under L/C, financing against' bius undercollection, financing against deferred payment, financing under foreign cre dit and finance byEXIM Bank of India. Let us discuss them in detail.

Alter paying tlik negotiating banker the issuing banker releases documents of title to the

iniporter on his executin g a stamped Letter of Trust (Trust Receipt). It means that the importerunde~~takeso deposit with th e bank the sale proceeds immediately on relisation but in nocase later then p eriod stipulated in the trust letter. The import trust receipt facility is given b ythe banks to first class customers only.

Bankers also grant iniport loans to their approved customers and undertake the clearance ofgoods on their behalf: In such cases, th e bills received under letter of credit are retired to(lcbit of loan account o f tlie customer by the bank and the relative documents forwarded toan approved clearing agents for clearance of godds. After the goods are cleared, despatchedand Railway Receipts sent to the bank, the relative g oods or Railway R eceipts are deliveredto the i~iiporter fter receiving the due amount. Where arrangements exist, the goodd may bestored in the bank godown und er bank's lock and released against proportionate paymentsas and when desired by the impo rter.


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l cl-111s l I r y i a c ~ ~ t ttI ; i t la t lc i~~g v i~ct ices

10.5.2 Financing against Bills under Collection

In the case of irnports not covered by letters of credit, the documents are forwarded by abank in tlie supplier s countly, known as the coliecting bank, for collectio~i f proceeds fro111the importer and payment to the supplier through the remitting bank. In suc h cases, thecollecting bank would examine tlie documents and the instructions stated in the coveringschedule to ensure that all tlie stated documents have been received intact and the bill oflading and the bill of exchange are endorsed in its favour or blank endorsed.to enable thebank to handle the documents. The bank than presents the documents to the importer onpayment (in case of sight or DIP Bill) or against written acceptance (in cas e of usance orD/Abill). Wliere the importer is eligible to receive the documents only on pay ment, he can availan import loan or a trust receipt facility, as discussed before. Obligations of various partiesinvolved are provided in Uniform Rules for Collection (URC) Publication NO .3 issued byInternational Chamber of Commerce, Paris.

Sometimes, shipping documents may be sent by the exporter directly to his importer. In sucha case, the bank may receive clean bills for collection of proceeds. In such cases, banks arerequired to call for documentary evidence of irnports such as custom noted invoice, exchangccontrol cop y of bill of entry and import licence, if any.

Payment for bills in respect of imports through post can also be arranged through a bank. nsuch cases, tile relative postal receipts must be produced as evid ence of sh ipmen t tlirouglipost and an undertaking to submit postal wrappers within three montlis fro m tlie date ofwrappers.

suppliers is made by the L /C openi ng bank through the normal banking channels andreimbursement is by tlie Governn ient of India by submitting the required documents.

10.5.5 Import Loans by Export Import Bank of India

Bank financ es in:ports frsln third countries required for executing projects overseas for whichcontracts have been won by Indian exporters.

Regarding imports into India, Exim Bank finances such imports which are export-related, i.e.imports by Export Oriehted Units, import of computer systems for development and export ofsoftware, iniport of plant, machinery, technology for upgradationlexpansion oYproductioncapability for export markets.

Exim Ba nk also financ es bulk imports of consuniable inputs and canalized items. Under thisscheme, promissory notes drawn in favour of commercial banks by their importer borrowersare discounted, Exim bank will issue letter of commitment for finance on request from commer-cial bank indicating its requirement. Th e quantum of finance depends on tlic condition thatimport orde r sliould not be less than R upees one Crore.

~ h k l i our P rogress B

I) W hat d o you mean by letter of credit?

import. Finance

10.5.3 Financing Imports against Deferred Payment

Imports under deferred payment implies that the supplier lias agreed to sup ply goods oncredit terms extending beyond six months. In such cases, authorised dealer lias to refer each

deferred paym ent case to RBI for prior approval of advance payment, bank guarantee andinstalnients (principal and interest) with doculnents viz. exchange control copy of importlicence, if any, contract copy arid statement of desired faciliti es.

2) Wliat is Trust receipt?

Appraisal for issue of guarantees or loans is similar to term finance. For importing under ............................................................................................................deferred payment, the importer should have sufficient cash generated to pay tlie dueinstalments. He sliould arrange for payment of advance and down payments from his own ............................................................................................................resources which would cover bank s margin requirement. Imported ~n ach ine tyias to beliypotliecated to the bank and the importer should counter guarantee the transaction. ....,.,.....,......(...................................,...........................~............~.---~.-~.~~~~

10.5.4 Financing under Fo~eign redit 3) Wha t do you mean by deferred Payment?

Governme nl of India gets assistancein the form of loans and developliient cr edits from ................ ...I...............,,.,....,,....,..,,,............*......................~.~~.~~~~-~~~~ ~~-international financial institutions as also foreign governments. These loans are of two types .

tied loans and loatis in free foreign currencies. Terms and conditions of each loan alongwith detailed instructions regarding tlie procedure to be followed for opening letters of credit.submission ~Fd ocul nents tc. are set out in public notices issued by DG FT. RBI also issuescirculars for each foreign credit giving important instructions relating toSLI I Iimports.

Payment under foreign credit may be made under (a) letter of co~n~i iitm ent1ietliodor(b) veimbul-sement method. Under tlie letter of commitment procedu re, rem ittatices fro m Indiafor tlie relative imports are not permitted. The importerin India obtains a letter of commitmentfrom tlie Government of India after fitrnishing a bank guarantee for paym ent of rupee equivn-lent of the impol-t value. The importer furnishes the letter of coniniitment to the bank openingL/C. Then the usual procedure follows, The shipping docunients are delivered to the importeron payment / acceptance. Where no L/C is opened at all and on receipt of d ocum ent coveringimports rupee deposits are made to Government account by the importer throu gh t he bank.

Under tlie reilnbilrsetnent method, the aid giving the country makes available to the Govern-tilent of India on production of evidence of payment of impo~.ts.Hence, payment to the

4) State whether tlie following statements areTrue or False.

i Lelter of credit can not be opened by mail.

ii) After paying t he negotiating bankers, the issuing bankers release docutnents oftitle to the importer on executing a stamped letter of Trust.

iii) Wlien shipping docum ents are directly sent to importer by exporter, tlie bankreceives clean bills for collection of proceeds.


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iv) For importing under deferred payment, the importer need no t generate cash foradvanceand down payments.

v) Governmen t of lndia gets assistancein thc form of loansand developmentcredits from international Financial Institutions.

10 6 L T US SU UP

Imports play an important role in economy of every country rich and poo r a likk . Their rolein India is particularly crucialin view of country s eontinued dependence of foreign capitaland technology. Hence, it is necessary to ensure that import operations at firm s level also aremanaged e fficiently. Significant changes in India s import policy aiming at remo vi~ig ottle-necks on account of red tape and lengthy doculnentation have tnken plece in recent years.

Import financing nieans making decisions regarding term of payment (choosing one nnionyseveral alternatives) arrangin g funds, involving choice of financial institution nnd theinstrument through which the paym ent is to be made. The choice is conditione d by regu la-tory framework co ncerning imports and availability of foreign curre ncies.

In India, Foreign Trade (Development and Regulation) Act 1993, Foreign Exchange M anage-ment Act 1999 and Indian Customs and Excise Act 1962 are the three legislatio ns constitutingthe regulatory framework, While Foreign Trade (Development Regula tion) Act and IndianCustoms Excise Act regulate the physical importation, Foreign Exchang e Regulation Actregulates remittances on a ccount of paymen t for imports. Asa result of lib eralisation inforeign trade sector, import licensing has been abolished and import licences are needed o nlyfor terms included in the negative list on imports at concessional rates of import duty.Exchange control regulations have prescribed requirements regarding mode of payment,currencie s to be used and the period within the payments for imports have to be paid.

Imports can be financedin several ways. lmporter con request his banker to open a letter ofcredit in favour of his supplier. Under the system supplier gets paid immediate ly uponsubmission of specified documents to the bank. Importer obtains release of these documentseither upon payment or debit to his loan account. He can ask the supplier to send thedocuments to the banker. Whom he instructs to make payment by debiting his account.Importer gets a loan either on Trust Receipt or hypothecation of imported goods to pay forthe imports. Wherean importer contracts to pay instalments, permission of RBI nee ds to betaken. He can o btain a loan from the bank to pay for the instalment. Imports u nder creditextended International Financial Institutions and foreign Governments can be financed eitherthrough comm itment {i.e. Government of lndia commits a part of loan to the impone r and getspaid in Indian rupees) or reimbursement method i.e. after paying the supp lier, the bank getsreimbursed by loan giving age ncy. Export Import Bank of India lends to imp orters to financetheir export related imports.

10 7 KEY WORDS

World Tra de Organisation WTO): A voluntary organisation through which group s ofcountries negotiate trading agreements and which has authority to oversee trade disputesamong countries.

Bill of Exchange: An unconditional order in writing signed by a person, usually the ex-porter, and addressed to the importer ordering the importer or the importer s agen t to pay ondemand (sight draft)or a fixed future date (time on usance draft), the amoun t specifiedon itsface.

Le tte r of Credit : letter addressed to seller, written and signed bya bank acting on behalfof the buyer, in which the bank prom ises to honour drafts drawn on jtself if the seller con-forms to the sp ecific conditions contained in the letter.

lssulng Banke r: Under the letter of credit arrangements, a bank who, acting on behalf of thebuyer writes and signs the letter sent to the seller.

Negotiating B anker: Under the letter of credit, the bank who pays the supplier for the goodssupplied to the importer, (the applicant for the credit) after scrutinizing he documents toensure their conformity with the provisions of the credit.

Docum ent Ag ainst Pa ymen t: refer to the terms, which implies ha t the buyer agrees to payfor his purcllases immediately after presentation of documents.

ocuments Against A cceptance: means that the exporter has agreed to receive payments foryoods supplied by him at fixed future date, Under the system, he buyer receives theshipping documents on acceptingthe bill (meaning thereby undertaking to payat a fixed

future date).

Duty Exemption Scheme: Under the sch eme, importers are issued, licence for enabling to gettheir goods cleared to the c ustoms without paying the import duty.

Bill of Entry: A document to be signed by the importer or his agent for getting the goodscleared from customs.

10 8 ANSWERS TO CHECK YOUR PROGRESSA 4 i) True ii) False iii) True iv) False v True

8 4 Fals e ii) True iii) True iv) False v) True

10.9 TERMINAL QUESTIONS

I What is i;nporting financing? Describe the regulatory framework related to inlportfinancing.

2 Explain various exc hange control regulations concerning imports.

3 Enumerate the m ethods of import finance. Describe the procedure of financing importunder letter of credit.

4. Explain various methods of import finance alongwith the documentation procedure...

5. Write notes on:

i Financing against bill under collection

ii) Financin g under foreign currency

iii) Import loan by Exim Bank of India

iv) Financing under deferred payment arrangement


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Terms of Payment nndFinancing Pract ices SOME USEFUL BOOKS

Bare Act, Foreign Excha nge Management Act,1999,New Delhi.

Export Import P olicy, Ministry of Commerce, Governmentof India (Recent Edition), NewDelhi.

Nabhi s Exporters Manual and Docum entation. A Nabhi Publication (Recent Edition),NewDelhi.

Nabhi s New Import Export Policy,A Nabhi Publication (Recent Edition), New Delhi.

Ram Paras, Export What, Where,How Recent Edition), Anupam Publishers, Delhi.

[ B O - 4 : EXI BKT IPdP BRT PRBCEDCJRES AND DOGUMENTArFION

N O S .

ESPOII I IMI 012 1 DOC UBlEN rA TION c POIdIClES

1 nit- 1 Export ImportTrade: Regulatory F~mewurkUni 2 Export Sales Contract

Unit-3 Export Inlport Documents -An Overview

U ~ l i4 ElectronicData Interchange System

Unit-5 Processingof n Export Order

I [< ;I