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Export Procedure -Manu

Export Procedure -Manu

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Published by Chawla Manu

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Published by: Chawla Manu on Oct 17, 2012
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05/01/2014

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Seminar on “Export Procedure and Documentation”
Seminar
on
“EXPORT PROCEDURE AND DOCUMENTATION” 
KOHIMA, NOVEMBER 08, 2006
The Seminar was conducted by the Eximius Centre, Exim Bankin association with the Government of Nagaland and UnitedBank of India (UBI) at Kohima on November 08, 2006. Theobjective of the programme was to develop the knowledge andskill of existing and potential entrepreneurs in propercompliance with the procedure and documentation forexports, and thereby to enhance the prospect of theirexport efforts. 60 participants representing small, mediumand large enterprises from both private and public sectorsattended the Seminar.
FACULTY
1. Mr. Z. Khuma, Jt. Director General of Foreign Trade(DGFT), Kolkata;2. Mr. K.P. John Kutty, Deputy General Manager, ReserveBank of India (RBI);3. Mr. P.P. Singh, Senior Manager, UBI;4. Mr. P.P. Taneja, Asst. Commissioner of Customs,Dimapur;5. Mr. N.C. Das, Manager, Export Credit GuaranteeCorporation of India Ltd; and6. Mr. Sunil Kumar, OSD, CAPEXIL.
TOPICS COVERED
1. Foreign Trade Policy;2. Foreign Exchange Regulations;3. Introduction to exports procedures;4. Customs formalities;5. Export Factoring & Forfaiting;6. Export Credit Risk Insurance.
 Eximius Centre, Export-Import Bank of India
1
 
Seminar on “Export Procedure and Documentation”
GIST OF MAJOR TOPICS
1. Foreign Trade Policy 
India’s Foreign Trade Policy (FTP) originally introduced toregulate and control trade, particularly imports, in orderto preserve the country’s foreign exchange, is now designedto serve as a trade promotion mechanism. The objective ofFTP is to accelerate India’s global merchandise trade- todouble our percentage share in 5 years- and to act as aneffective instrument of economic growth. The process ofliberalisation of FTP started in April 1992, and become anongoing process towards removal of restrictions andachieving simplification. As an export promotion tool, FTPprovides for various incentive schemes for exports: duty-free import of raw materials required for exportproduction, import, on concessional duty, of capital goodsand plant & machinery required for export production, andspecial schemes for EOU, SEZ and areas having potential forexport of agri/horticultural products. A specialAgriculture & Village Industries Scheme (Vishesh KrishiGram Udyog Yojana) has been introduced under the FTP tofacilitate export of fruits, vegetables, flowers, minorforest produce, dairy, poultry, value added products andGram Udyog products.DGFT, functioning under the Ministry of Commerce andIndustries, Government of India, regulates the country’sexport-import trade, and formulates the related policiesand procedures. In its role as facilitator of foreigntrade, the office of DGFT has simplified a number ofprocedures such as the procedure for registration of IECcode. Online access, through internet, has been introducedfor activities such as viewing IEC status and submission ofdocuments (electronic filing). Schemes such as DutyDrawback, Duty Entitled Pass Book, and Standard InputOutput Norms for availing incentives, have been simplifiedto make themmore user-friendly. DGFT website
incorporates regular updates on exportincentives and other aspects of FTP.
*****
 Eximius Centre, Export-Import Bank of India
2
 
Seminar on “Export Procedure and Documentation”
2. Foreign Exchange Regulations
Reserve Bank of India (RBI) is vested
inter alia
with thetask of monitoring India’s foreign exchange inflow andoutflow. Prior to the economic liberalisation process whichcommenced in the 1990’s, foreign exchange was a scarcecommodity and its release was governed by the ForeignExchange Regulation Act (FERA). With liberalisation of theFTP, RBI’s role has evolved into that of a facilitator.FERA has been replaced by the Foreign Exchange ManagementAct (FEMA) with the objective of facilitating externaltrade and payments, and for orderly development andmaintenance of foreign exchange market in India. Commercialbanks through notified Authorised Dealers (ADs) andfinancial institutions have been given greater flexibilityin meeting the foreign exchange requirements of exporters.Based on the FTP, ADs have been given increased autonomy toextend facilities to exporters, and need to seek RBI’sprior permission in very select cases. ADs are authorisedto receive advance payment for exports, change of buyer,reduction in value, write-off of unrealised export billsand permit Exchange Earners’ Foreign Currency Account(EEFC), in which prescribed percentage of export earningscan be credited. Reflecting the liberalised environment andthe comfortable position of India’s foreign exchangereserves, RBI’s Exchange Control Department has beenrenamed as Foreign Exchange Department. ADs now handle theexport transactions in conformity with the FTP announced byDGFT and the directions issued by RBI from time to time.RBI website
incorporates these under themaster circulars link in the website.
*****
3. Export Procedure & Documentation
 Setting up an export business requires basic documentationsuch as a Permanent Account Number (PAN card), ImporterExporter Code (IEC) from DGFT office and opening a bankaccount. Other key factors include knowledge of tradingsystems, FTP and Industrial Policy, access to market
 Eximius Centre, Export-Import Bank of India
3

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