page 1 import documentation. page 2 page 3 types of import freely importable items licensed...

REGISTRATION OF IMPORTERS

To import or export in India, IEC Code is mandatory

An application for grant of IEC number from Regional

Authority of Directorate General Foreign Trade.

IEC Code Online Application Form

Application Fee

Profile of Importer

Requirements for IEC Code Number

PAN Number

Current Bank Account

Bankers Certificate

IEC Code Number Application Fee Rs 250.00

The physical application containing required documents

should reach DGFT RLA concerned within 15 days of its

online submission.

E-mail is not mandatory.

Check List of Documents for IEC Code

Covering Letter

Two copies of Aayaat Niryaat NF form

Part 1 & Part 4 to be filled by applicants.

Self certified copy of PAN issuing letter or PAN

(Permanent Account Number) Card issued by Income

Tax Authority.

Self addresses envelope with Rs.25/- postal stamp

Documents to be submitted by Importer –

Invoice

Packing list

Bill of lading/ Delivery Order

GATT declaration.

Letter of credit

Certificate of Origin

Import license, etc.

Proforma invoice

• A Proforma invoice is a quote in an invoice format that may be required by the buyer to apply :

ø for an import license,

ø contract for pre-shipment inspection,

ø open a letter of credit or

ø arrange for transfer of hard currency.

Importers must apply for an import license using the

exporter's pro-forma invoice.

Issued by the 'Office of Chief Controller of imports &

exports

Validity of Import License

sample of Import License

€ Foreign Exchange Control Copy

€ Customs Copy

Preshipment inspection

It is the practice of employing specialized private

companies to check shipment details

PSI helps to:

ŧ detect over-invoicing to prevent unjustified transfer of

foreign exchange abroad;

ŧ determine the classification and valuation of goods; and

ŧ ensure the correct collection of import duties and taxes

by Customs authorities

Letter of Credit

It is a term used for a letter issued by a bank on behalf of a

client to pay a beneficiary the stated amount of money under

specified conditions.

Parties of L/C:

Beneficiary

Issuing Bank

Confirming Bank

Shipping documents:

₫ Commercial invoice:

₫ A document prepared by the seller to inform the buyer

how much he knows for the goods and services being

supplied.

₫ Packing list:

₫ The packing list is an extension of the commercial

invoice, as such it looks like a commercial invoice.

Manufacturers certificate

CERTIFICATE OF ORIGIN

CERTIFICATE OF WEIGHT

CERTIFICATE OF QUALITY

CERTIFICATE OF INSPECTION

Clearance Documents

• AIR WAYBILL

The air waybill is used for the air shipment which serves as:

documentary evidence of the conclusion of a contract of

carriage

proof of receipt of the goods for shipment

an invoice for the freight

a certificate of insurance

guide to airline staff for the handling, dispatch and delivery of

the consignment. .

‽ A bill of lading is used for the sea shipment.

It is:

¥ A certificate of ownership to the goods.

¥ A contract

¥ A formal, signed receipt

¥ Clean bill of lading

‽ A bill of lading is used for the sea shipment.

It is:

¥ A certificate of ownership to the goods.

¥ A contract

¥ A formal, signed receipt

¥ Clean bill of lading

IMPORT GENERAL MANIFEST NUMBER

The shipping line has to give a detailed report

of all the goods on board in a report known as

"Import General Manifest“

Import manifest is required to be submitted

before arrival of aircraft or vessel

Grant of Entry Inwards by Customs Officer

BILL OF ENTRY

It is a document certifying that the goods of

specified description and value are entering into the

country from abroad.

The Bill of entry-different copy meant for different

purposes with different colour.

Bill of Entry for home consumption:

Bill of Entry for Warehouses

Bill of Entry for Ex-Bond Clearance

IMPORT DECLARATION:

• Importers must provide an Import

Declaration in the prescribed bill of entry

format, disclosing the value of the imported

goods.

VARIOUS OCTROI FORMS USED

A-B /FORM'S

C & CC FORM

N – FORM

R-FORM

X-FORM

IMPORT RISK

Various types of risks:

Transport Risk –loss of goods during

transportation.

Quality Risk –final quality of the products.

Delivery Risk –goods are not delivered on time.

Exchange Risk –the change in the value of currency.

Do’s• Open L/C only if the party has got sanction limit.

• Import of restricted items as per procedure laid down in the Exim Policy.

• Handover import documents only to drawee or his PA holder.

• Allow payment for import by debit to customer’s account.

• Allow payment for the bills beyond six months

• Allow payment to local agents on commission basis. In case of overseas agent, allow commission as per FEMA guidelines.

• Verify the imported items under the LC.

• Verify whether the payment method is done as per FEMA guidelines or not.

Dont’s Issue the Letter of Credit if the customer doesn’t have IEC

number.

Open LC without proper transport documents.

Allow advance payment without proper documentation.

Forward the documents to third party without permission from the importer.

Import prohibited or restricted items without import license. Allow direct remittance of import bills beyond the limit.

Open revolving LC without safety clause.

page 1 import documentation. page 2 page 3 types of import freely importable items licensed...

Documents

import documentation

import declaration

types of import

customs officer slide

handover import documents

postal stamp slide

import general manifest

exbond clearance slide