Presented by:-ANIL PRAJAPATIROLL NO.132531

CHIRAG MOILYROLL NO.132521

TUSHAR PHALKE ROLL NO.132530

HEMANT SHETEROLL NO.132534

KULDEEP DAREKARROLL NO.132505

TOPIC:-IMPORT PROCEDURE

MEANING:-

• An import is a good brought into a jurisdiction, especially across a national border, from an external source. The purchaser of the exotic good is called an importer. An import in the receiving country is an export from the sending country. Importation and exportation are the defining financial transactions of international trade.

• In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority. The importing and exporting jurisdictions may impose a tariff(tax) on the goods. In addition, the importation and exportation of goods are subject to trade agreements between the importing and exporting jurisdictions.

PRE-IMPORT PROCEDURE

• To select the right product• To select the right supplier• Ti find out creditworthiness of supplier• To seek service of supplier’s agents• To approve sample

STEPS IN IMPORT TRADE PROCEDURE:

• Procurement of licence• Preliminary negotiations• Procurement of quota• Obtaining foreign exchange• Placing incident• Despatching letter of credit• Appointment of c & f agent

• Receipt of shipment advice• Receipt of document• Obtaining delivery order• Clearing of goods• Payment of c & f charges• Making the payment• Follow-up

LEGAL DIMENSION OF IMPORT PROCEDURE

• To sign import contact• To finalise pricing within INCO terms• To finalise payment terms• To collect IE number• To obtain import licence• To get foreign exchange sanctioned• To undertake financial planning• To obtain L/C from the bank

CUSTOMS FORMALITIES FOR IMPORT

• Submission of import general manifest• Preparation of bill of entry

-bill of entry for home consumption-bill of entry for bonded goods-bill of entry for ex-bond clearance

• Service of customs house agent• Noting of bill of entry

• Bill of entry of presented for appraisal• Payment of duty• Physical examination of goods• Issue of release order• Penel action

RETIREMENT FOR IMPORT DOCUMENTS

• Intimation from supplier• Retirement of import documents• Preparation of bill of exchange• Scrutiny of documents• Service of C & F agent

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