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exports under the authority of the Foreign Exchange Regulation Act, 1973. ith few
exceptions, all exports must be declared on the appropriate form and the exporter's code
number as assigned by the Reserve Bank of India must be shown on the form.
The payment arrangements are letter of credit, sight draft, time draft and shipment on
consignment. The time limit for settlement of export proceeds, that is, the amount
representing the full export value of the goods, is six months. A maximum of 15 months is
allowed for exports to Indian-owned warehouses abroad.
List of Documents
Letter of credit - this is applied for making payments for imported items, once the required
papers are handed over. A letter of credit mainly says that the importers bank guarantees to
pay provided the entire documents specified in it are in order.
· Purchase order - It appears like a trade requirement but it may be desirable for
financing. The buyer may need to prove the order to his bank to organize a provisional loan
or customs may desire to see the paperwork to make sure the whole thing is legitimate.
· Bill of lading - arequired shipment document for sea consignments when commodities
are sent by sea route, as proof that the commodities have been sent by the supplier.
· Airway bill - Same as bill of lading except that it is a document involved in Air
shipment.
· Invoice - The most essential document. Make sure that a complete synopsis of
merchandise is outlined and it is invoiced in the currency of sale.