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Points for Import ( You can elaborate it with your teaching skills )

Import Licence-Restricted Product-Licence for the product,It is free from any of the country,(
99% of the products are fre Import)
# Products- New and Used Capital Goods
#Only IEC is required
#Subject to duty paid as applicable
#Free Use/ Sale as desired
Second Hand Capital Goods
#Normally all goods in SH/Waste ?Scrap Condition restircted exception in the policy or by a
public notice import is spicifically allowed
#Policy allows import o fsecond hand capital goods subject to
#SHCGS ( Second Hand capital Goods )should not be fmore than 10 years of age

RAW Materials

# Component, parts Spares,Ancellories,Comsumables, Accessories PM and OMS

#Very few items are restriced and required import licence

Placing an Import Order

#find out if ICE avilable if not apply and get it

Find out from ITC(HS) whether to be imported is free/restricted state enterprise/Prohibited
Obtain import licence if restricted
find out supply source,obtain price-list quotation literature,smaples etc.
#Choose and place order on overseas supplier
apply to bank for oopening of L/C, if reuqired
#arrange margin money as required by Bank
#obtain from bank copy ofL/c,scrutinise,ask for amendments, rectifications if required
#Obtain marine/cargo cum dutry insurance if FOB/C & F
#Forward a copy of L/C to supplier
#await shipment arrival of documents
#retire documents thru bank
#obtain duty insurance, If CIF

Customs clearance of Imported Goods

#ship arrives IGM submitted to port/customes, good landed tallied shifted to storage place (
Import General Manifest)
#Prior entry IGM advantage to shipping company and importers import can file bill of enty in his
name
#importer fowards documents licence etc to CHA at import parts for customs clearance
#CHA prepares,completes signs and submits Bill of Entry at Custome House at the import port (
alongw ith requried documents )
#Bill of entryt first gets noted and numbered in the customs house
#Appraise is the first cutting edge of the customs process and assessment
Appraising and Assessment - Billof entry is then processsed by appraiser for appreceising the
import and assessment of value and duty
#In in order apprised/assessed B/E will be presented to suptd.?Asst?deputy Comm.for passsing
#The passing B/E will be reutrned for duty payment and licence debit ( If applicable )
#After appraised/assessed and duty assessed has to be paid within 5 days form date of return or
with interest @ 15% p.a. on duty amount from the 6th day if paid after 5 days
#The duty paid B/E is now presented to cusotms authority in port area of examniation and final
passing
#CHA surrenders B/L to shipping co and obtains their delivry order addressed to Port Authority
# Goods are examinded and if satisfied customa pass B/E finally with theri OUT OF CHARGE
ORDER
#CHA arranges trasport and removes goods out of port area
#Octroi formalities at gate
#Importer furnishes B/E fourth copy to banker as import evidence upt o 25000$ youdont here to
submit the evidence
#IF there is a dispute in the porcess of assessment or apprising
1.Classification
2 Duty rate
3 Valuation
4 Examination

Re-Import

Sec-20 Reimport import but there are notification

94/95-Retention re-import should be withing three years 1 year if AL/DFRC/DEPB
Goods repair-after repair 6 months