Import documents for international business.ppt

IMPORT DOCUMENTS

1. IMPORT : The word is derived from the conceptual meaning as to bring in the goods and services into the port of the country. The buyer of such goods and services are called importer.

2. IMPORT DOCUMENTS: It is required to submit a set of documents to carry out import activities in India. These include commercial invoice and regulatory authorities such as the customs ,excise , licensing authorities.

3. The Foreign Trade Policy, 2015-2020 mandates the following commercial documents for carrying out importing activities: Bill of lading or Airway bill Commercial invoice cum packing list Bill of entry Certificate of origin Inspection Certificate Import license General Agreement on Tariff and Trade (GATT)/DGFT Declaration Registration cum Membership Certificate(RCMC) Industrial license Test report in case of chemicals Catalogue, Technical write up, Literature in case of machineries, spares or chemicals as may be applicable No commission declaration

4. Bill of Lading: Bill of Lading is a document issued by the shipping company or his agent acknowledging the receipt of cargo on board. Each shipping company has its own bill of lading. It is the only evidence to file a claim against the shipping company in the event of non-delivery, defective delivery or short-delivery of the cargo at the destination. On payment of freight, the shipping company returns the B/L duly signed and supported by requisite adhesive stamps.

5. Airway Bill: Airway Bill is a transport document associated with Airfreight. It serves as a receipt for goods and an evidence of the contract of carriage, but it is not a document of title to the goods. Hence, the AWB is non-negotiable.

6. Commercial Invoice:

7. Packing List: It is a consolidated statement in a prescribed format detailing how goods are packed, marked and numbered including weight and dimensions of each package. It is useful for customs at the time of examination and warehouse keeper of buyer to maintain inventory record and to effect delivery.

8. The document on the strength of which clearance of imported goods can be affected is known as Bill of Entry. Every importer has to submit it under section 46 of the Customs Act, 1962. Under EDI system, Bill of Entry is actually printed on computer in triplicate only after ‘out of charge’ order is given. Duplicate copy is given to importer. Bill of Entry

9. Certificate of Origin(COO): It is a certificate indicating the fact that the goods which have been exported have originated or manufactured in a particular country. So it is a sort of declaration testifying the origin of export. It helps the importer to take an advantage in duty concession, if any.

10. Inspection Certificate: Inspection can be done by Inspection Agency appointed by the Government of India. If an inspection is a part of transaction, then exporter is required to arrange for necessary inspection. It can be a certificate of quality, weight, analysis or the like.

11. Letter of Credit: A letter of credit is a document containing guarantee of a bank to make payment to the exporter, under certain conditions and up to a certain amount, provided the conditions contained in the letter of credit are complied with. Bill of Exchange: Bill of Exchange is a document drawn and is an order by the buyer to pay the money in specified. It is also known as a draft. It is prepared either in an international currency or Indian rupees depending on the terms of the contract.