Import trade procedure:
Import trade procedure differs from country to country. The following are the general procedure of import trade
1. Trade enquiry :
In this step the intending importer makes trade enquiry from the possible exporters. An enquiry is a written request from the intending buyer or his agent for getting informations about the Price of the products, its quality, design, size and the terms of payments and conditions of delivery.
2. Obtain import license and quota:
As imports of goods are controlled by the imports and exports (Control) act1947, the person interested should get license for importing goods from the licensing authority. The import license may either be general license or specific license.
3. Obtaining foreign exchange:
After obtaining the license, the importer has to make arrangements for getting the necessary amount of foreign currency since the importer has to make payment to exporting country in their currency.
4. Placing the indent or order:
After obtaining the import license and requisite amount of foreign exchange, the importer is to place order or indent for import of the goods. An indent is an order placed by an importer with an exporter for the supply of certain goods.
Indents are classified in to three Types :
a) Open indent :
If the selection of goods and other details are left to the agent’s discretion in the foreign country it is called open indent.
b) Closed indent :
If an indent contains full particulars of the exact goods required it is called closed indent.
c) Confirmatory indent :
If the importer’s agent places an order subject to the conformation it is called confirmatory indent.
5. Arranging letter of credit :
It is an undertaking by the importer’s bank that the bills of exchange drawn by the foreign exporter on the importer will be honoured on presentation.
6. Obtaining shipping documents :
After receiving the order and the letter of credit, the exporter ships the goods. The Exporter then intimates the importer about the dispatch of goods by sending an advice note to the importer. The advice note informs the destination port.
If the bill of exchange is marked as Documents against acceptance, the documents will be delivered to the importer on the acceptance of the bill. Usually 30 to 90 days are allowed for the payment of the bill.
7. Clearing the goods:
After taking the possession of the documents of title to goods, the importer awaits for the arrival of the ship. After the arrival of the ship, the importer arranges for the clearance of the goods from the customs office by paying unloading charges, import duty or customs duty and port trust dues etc.
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