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ASSIGNMENT

ON
INTERNATION MARKETING.
IMPORT DOCUMENTATION.

Submitted toProf. VRINDA KRIPEKAR


Name- NILAKSHI PUJARI
Division- A-1
Roll no- 331323
Batch no- 33rd

INTRODUCTION:
For trading or doing business with other countries it is important to have a
good communication with the importer to prevent from any kind of risk or
damage of product. Different documents are made for different categories of
goods at the time of import or export. In the assignment it has been asked to
prepare the list of documents, letter of credits and custom clearance.
There are certain import policies which are regulated by the government:

To make easily available in case of necessary goods with upgraded and


modernized technology.
To simplify the procedure of licensing of import.
Not to commit any kind of fraudulent activity.

The documents which are to be prepared by the importer whether it is light


or heavy engineering machinery:

Apply for import code no. and DGFT (Directorate General of Foreign
Trade).
Then registration for EEPC (Engineering Export Promotion Council) is
done for visiting the trade fair or participating.
Then order is procured if any of sample of the machinery is liked by
the company and then it is regularized.
Then the goods are to be manufactured as per the order.
The quality control is done like inspection, issue of certificate of
inspection whether quality is met as per the demand.
Then dispatch of the goods are done by the fright, shipping or other
source of the transportation.
Insurance of the goods is also done of covering the risk.
Contact is made with the clearing agent for booking the cargo space
Mate receipt insurance is also issued for delivering the goods safely.
Bill of landing is obtained for the payment after the good reaches to
the port.
Certificate of origin is obtained by which if any issue occurs the
receiving company can easy trace from where the goods are originally
originated.
After receiving the goods safely the same documents are send to the
importer.
Documents are presented to banks and also to the importers bank
which are involved in the trade.

The Letter of credits which are to be prepared for the light and heavy
engineering machinery are:
Irrevocable letter of credit: This are the letter of credit which are not
negotiable whether it is amount, date, beneficiary, etc. so if any misleads or
delay occurs in the delivery of the goods from the importer then there will be
no time extend without the other party consent.
Revocable letter of credit: This are the letter of credit issued which are for
the extension of the delivery date or negotiation of beneficiary with the
mutual consent of both the parties.
Rolling/ revolving letter of credit: If both the companies want to keep on
trading with each other so after the one agreement is made and then the
delivery is done, then trading is done regularly and the continuous and
revolving trading is revolving LC.
Transferrable letter of credit: At the time of payment the importer transfer or
distribute the payment with the other parties involved in the trading.
Nontransferable letter of credit: In this case the importer is only the
beneficiary of the money which he receives from the receiver.
Red letter clause: This is the kind of letter of credit which is issued and the
payment is done in advance, there is a highlight in the documents which is
mentioned to proceed the trade with no duplication or not to commit any
scam. And if there is any endorse of LC then there is a red letter clause
because to know whether the party is eligible to make trade or not.
Some custom clearance documents for the importing the engineering
goods are:
1. Bill of entry: It is the bill in which it has been declared to move the
goods out for shipping after the goods are inspected and the duty is
paid. The bill is passed by the house agent from the permission of
customer officials
2. Commercial invoice: This document is for the custom officials which
help them to calculate and know the exact value of the goods which
are to be imported for charging the accurate tax from the importer.
3. Airway Bill/Bill of Landing: This documents consist of the terms and
conditions applied in the delivery of the goods and the cargo details in
which it is stored.
4. Import license: It is issued by government which is mandatory and it
contains the time limit by which the goods are to be delivered.
5. Insurance certificate: It is required at the time of the custom clearance
procedure. It contains the terms of delivery, what is the quantity and
the worth of the goods which is delivered.

6. Letter of credit: It is also required at the time of custom clearance.

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