Want to import goods? Check out the complete import procedure

Importing any commodity is not a easy jobs.It includes preparation of lots of documents.The process is as follows-
import procedure

1.Trade enquiry
The import procedure starts when importer conducts any inquiry about the various countries and exporters available who can supply the desired goods.The importer can approach trade directories or trade associations for information or simply can use the internet.After choosing an suitable exporter,the importer sends trade inquiry and in return the exporters sends performa invoice which contains information about size,quantity of the goods which the exporter can supply.

2.Obtaining Import License
In order to import goods,import license is needed.To obtain this, importer can approach Regional Import-Export Licensing Authority(RIELA) and can make application in the prescribed format.The importer is need to obtain Import-Export Code Number(IEC) which is used in each and every documents related to import.

RBI regional office3.Obtaining Foreign exchange
The payment of import has to be made in foreign currency.To obtain foreign currency,importer must make an application to Exchange Control Department of Reserve Bank of India.RBI scrutinize the application and sanction release of foreign currency through bank.

4.Placing order or Indent
After obtaining foreign currency,the importer place and order with the exporter with the issue of indent which contains details about the goods to be imported like quantity,size,price etc.

5.Obtaining Letter of credit
Letter of credit import procedure
Sample Letter of credit
Letter of credit is issued by importer's bank in favour of exporter.It is an guarantee made by importer's bank to exporter to make payment on behalf of importer.In order to issue Letter of credit,importer must approach bank.

6.Arranging for finance
The importer must arrange for finance in advance to avoid high penalties in future.

7.Receipt of shipment advise
After loading the goods in the ship,the exporter dispatches shipment advise which contains information about the ship,date of shipment,name of the captain etc.

8.Retirement of import documents
After the shipment of goods,the exporter submits all the import documents to his banker including bills of exchange.These documents include Bill of lading,copy of insurance policy,invoice number,letter of credit etc.The goods will be handed to importer only when he accepts the bills of exchange.

9.Arrival of goods
When the goods arrive importer's country,the captain of the ship informs the dock officer and instructs them to prepare Import General Manifest(IGM).The dock officer then informs the importer about the arrival of goods who in response prepares bill of entry which contain details about the goods.

10.Custom clearance
Custom clearance import-export procedureThe importer presents the bill of entry to custom officer who examines the bill of entry and assesses the custom duty to be paid.The bill is then passed to appraiser officer who does the physical examination of the goods.Further,the dock superintendent also does the physical examination of the goods.The bill of entry is passed to port manger who accepts the payment of custom duty.If the importer fails to pay custom duty.the goods will be shifted to bonded warehouses.      
Want to import goods? Check out the complete import procedure Want to import goods? Check out the complete import procedure  Reviewed by Saurabh Jadhav on February 17, 2018 Rating: 5
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