Import and Export Documentation & Procedures

 

Import and Export Documentation & Procedures

Entrepreneurship planning to set up a trading company, or start importing or exporting from India, must understand the stages and stakeholders involved in the process, as well as the regulatory framework and documentation required.

In India, the imports and exports are regulated by the Foreign Trade (Development and Regulation) Act, 1992, which empowers the federal government to make provisions for development and regulation of foreign trade. The current provisions relating to exports and imports in India are available under the Foreign Trade Policy

In this blog, you'll learn all about the import export procedure and documentation and find out about some vital intricacies involved with it.

Did you know?

If you are an export and import business owner and you want to import an item from India, then you must first get the import export code number (IEC number) before doing so. It has lifetime validity.

Export/Import Documentation You Need to Know Before Getting Started

Undoubtedly more advancement in tech has brought ease to each section of business, but it has, somewhere down the line, brought more tricks to scammers also. Hence, the legalities need to be tight enough to protect the money of a common man. How would you acknowledge the authorities that you're doing a 100% legitimate import and export business? You'll certainly need strong documents. But what sort of documentation is needed in the export procedure, and how challenging import export procedure and documentation in India can be? Let's understand about it in detail.

Goods Related Documents

Certificate of Inspection: Inspection Board of India and a few other such organizations approve this vital document to ensure the quality of the products being exported.

Packing List: This document shows how many packages are there, details of what's inside the boxes, and their conditions.

Seller's Bill:  A Seller's bill includes vital data about the products like the amount, blemishes on packing, number of packages, ship's name, delivery terms, destination port, etc.

Testament of Origin: This authentic certification depicts where the goods' production has taken place. Besides that, buyers can avail individual exemptions and taxes through this document.

Payment Related Documents

Letter of Credit: It's a proof issued by the purchaser's bank as a letter to respect the bills of the exporter's bank.

Bank Certificate of Payment: Whenever the importer pays the exporter, the bank issues this certificate as proof.

Bill of Exchange: We can call this document a sort of credit instrument between the exporter and importer.

READ MORE...