Import and Export Process in India

Import and Export Process in India – EXIM Guidance

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Being an exporting country is an enormous opportunity, as does plenty of competition since India is situated close to the most powerful trading nations such as China, Bangladesh, and Japan. It is essential to think strategically and legally adhere to all rules and regulations, about exports to be a viable and easy process. It is crucial to know the various people involved and the different phases involved in the Import Export Process.

Many online websites provide information on articles. However, they’re scattered and afraid of giving any detail; consequently, in this article, we’ll attempt to outline the complete and straightforward Process for Import Export Business for India.

Below is a listing of Import and Export Process in India you should prepare for.

Obtain a PAN Card and Bank account

Opening a bank account and, based on that, obtaining a PAN Card is an essential step for becoming a businessman, importer-exporter.

Obtain an IEC

The government in India has granted permission for the Directorate General of Foreign Trade (DGFT) to issue a 10-digit code to any person or business company. It’s referre to by the Import Export Code, which is requir to conduct any business in the world. One can apply for IEC by providing the PAN Card and the company’s bank account information.

Decide the Type of Exporter

Also ReadFind Buyers for Export Business

There are two kinds of exporters: exporter merchant and manufacturer exporter. An exporter is a producer, an entity, or a person who manufactures products and sells them abroad. In contrast, an exporter merchant is an individual businessperson who doesn’t manufacture products made by an Indian manufacturer but instead sells them to a foreign market.

Register with Export Promotion Council

It is mandatory to be registered with the Export Promotion Council or a commodity board in India. It helps to do the business safely and while gaining certain export benefits.

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Issue PI(proforma invoice)

Proforma Invoice(PI) is been issue by the exporter for the importer.

Commercial Invoice

Commercial invoices are issued by the exporter to the importer, which is evidence of the transaction.

B/L (Bill of Lading)

Bill of lading is an official document that the port authority would need for clearance.

Serve Shipment proof

Generally speaking, the importer is the one who pays for shipping costs and then takes the goods. Therefore, the exporter has to provide shipping proof to the importer to take delivery of the goods from the port.

Issue Certificate of Origin

To facilitate customs clearance, issuing a certificate of origin is a must.

Bill of Exchange

It is a document written that allows for clearing the payment terms.

Issue Letter of Credit

A Letter of Credit issue is mandatory in international and domestic business transactions.

Above Import Export Process, must be follow when conducting business. Government is always available to help an individual/ entity carry the business in the execution of the company via its website and the Chamber of commerce.

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