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Import

Import

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Published by its2ankit
Hi general guidelines for import
Hi general guidelines for import

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Published by: its2ankit on Feb 25, 2009
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09/06/2012

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Introduction
Starting an import business is a goal of more than thousands of merchants and businessman. Likean export business, import business is also very profitable business, if an importer proceeds withthe right strategies. However, the long term success and profitability of an import businessgreatly depends on the importer’s knowledge and understanding about the international marketand foreign market analysis.Today, importing goods from abroad has becomes a big business. Everything from beverages tocars--and a staggering list of other products that one might have never imagined has now becomethe part of the global import. Millions of products are bought, sold, represented and distributedsomewhere in the world on a daily basis.
Reasons for Import
 There are number of supporting reasons why import business and services is growing at such afast rate:-
Availability:
An individual or business man or an importer needs to import because there arecertain things that he can’t grow or manufacture in his home country. For example Bananas inAlaska, Mahogany Lumber in Maine and Ball Park franks in France.
Cachet:
A lot of things, like caviar and champagne, pack more cachet, more of an "image," if they're imported rather than home-grown. Think Scandinavian furniture, German beer, French perfume, Egyptian cotton. It all seems classier when it comes from distant place.
Price:
Price factor is also an important reason for import of products. Some products are cheaper when imported from foreign country. For example Korean toys, Taiwanese electronics andMexican clothing, to rattle off a few, can often be manufactured or assembled in foreign factoriesfor far less money than if they were made on the domestic country.
Import in India
The rising middle income groups of consumers in India and their increasing levels onexpenditure on various products has resulted a faster rising demand of the Indian import business. Major imports of India include cereals, edible oils, machineries, fertilizers and petroleum products. Total import from India estimated to be around US$187.9 billion. India isalso a bulk importer of edible oil, sugar, pulp and paper, newsprint, crude rubber and Iron andsteel.
Import Regulatory Body
 
In India, all the activities related to import are handled by the Directorate General of ForeignTrade (DGFT), a government organisation that also controls the export business in India. DGFTand all its regional offices work under the Ministry Commerce and Industries, Department of Commerce, Government of India. All the procedure and policies in matter related to the import isannounced by the DGFT through its notification, appendices and forms.
Preliminaries for Starting Import Business.
Introduction
Starting an import business needs a proper guidelines and understanding of the foreign market.Before starting an import, it is also important for an importer to obtain all the necessaryinformation in matters associated with foreign trade agreement. Starting an import is not a get-rich-quick-scheme. Like an export, import also requires a lot of preparations.
Selecting the Commodity Market
Proper selection of the commodity market is an important factor before starting an import.Commodity market data and information collected during research helps to prepare thecommodity market report. The right market can be selected by answering the following thefollowing questions.
Is the product(s) an importer need to conducting his business available domestically?
Is there a lucrative and untapped domestic market for an imported product?
Does importing a product increase competitiveness as a business?An importer should only proceed; if he is determined that importing certain goods will definitelymake his business profitable.Once the importer is confirmed about his importing decision, then he should proceed towards thedevelopment of the proper import business plan. While making the import plan, importer of Indiamust evaluate the various government policies and guidelines including the rules and regulationas mentioned in the Foreign Trade Policy Procedures, 2004-09.An importer is always free to import goods in India provided that such goods are imported under the regulations of ITC- HS Classifications of Export Import items. ITC-HS codes are dividedinto two schedules. All the rules and regulations related to the Indian import is mentioned in theSchedule I of the ITC.Prohibited goods and items are not at all allowed to import while restricted items are onlyallowed to import though a special license issued by the Ministry of Commerce, Government of India.
State Trading Corporation of India
 
There are certain goods that can be only imported outside the country through a recognizeagency. State Trading Corporation of India is also one of them that import a number of essentialcommodities to cover the domestic shortfalls and hold the price line. STC serves the nationalobjective by arranging timely imports at most competitive prices. In the process, the Corporationmakes best use of its strength in handling bulk imports, vast infrastructure and above all anexperience of over four decades in fulfilling the needs of the industry. The STC is responsible for the import of goods such as bullion, vanaspati and edible oils, pulses, hydro-carbons, metals andminerals and fertilizers.
Registration for Importers
IntroductionRegistration of importer is a pre-requisite for import of goods. The Customs will not allowclearance of goods unless the importer has obtained IEC Number from issuing authority. InIndia, IEC number or Importers Exporters Code is issued by the DGFT.However, no such import business registration is necessary for persons importing goods from Nepal or Myamar through Indo-Myanmar border or from china, through Gunji, Namgaya,shipkila or Nathula ports provided that the Value of a single Consignment does not exceed Rs.25000/-.Application for IEC Number: An application for grant of IEC Code Number should be made in the prescribed Performa givenat Appendix 3.I. The application duly signed by the applicant should be supported by thefollowing documents:1.Bank Receipt (in duplicate) / Indian demand draft for payment of the fee of Rs.1000/-Certificate from the Banker of the applicant firm as per Annexure 1 to the form.2.Two copies of passport size photographs of the applicant duly attested by the banker of the applicant.3.A copy of Permanent Account Number issued by Income Tax Authorities, if PAN has not been allotted, a copy of the letter of legal authority may be furnished.4.Declaration by the applicant that the proprietors/partners/directors of the applicantfirm/company, as the case may be, are not associated as proprietor/partners/directors withany other firm/company the IEC No. is allotted with a condition that be can export onlywith the prior approval of the RBI India.Process of Online ApplicationOn-line form has been designed to ensure feeding of all the required information by promptinguser wherever a field is left blank. Application has to submit scanned copies of PAN (PermanentAccount Number) and bank certificate of deposits along with their application.There are 2 options for payment of fee.

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