[Commerce Class Notes] on Import Procedures and Documentations Pdf for Exam

A very important role is played by the Import and Customs authorities in all countries of the world when it comes to the entry of goods into the country. The era of globalization ushered in more and more interactions between different countries of the world, leading to an increase in the masses of imports and exports. In order to effectively manage all this, having a trained body of officials and rules is very important. 

Import procedures and documentation are required for any good that crosses the international borders and enters the country. This can range from mere gifts to big shipments. 

Steps for the Process of Import Procedure

The following steps can adequately explain the process of import procedure and documentation:

1. First and foremost, before anything can enter the country, a comprehensive list of what item is being imported and for what purpose needs to be updated and registered. Data like this can be obtained from trade associations and trade organisations. 

2. The EXIM Policy is then consulted by the Importer to make sure that all rules and regulations are followed and standards are met. 

3. Then the request of the instalment of foreign cash takes place which includes the trading of Indian Currency into foreign notes. In this matter, The Exchange Control Department of the Reserve Bank of India (RBI) manages foreign trade exchange in India. 

4. The importer then puts in an import request with the exporter for the supply of merchandise. 

5. Once the payments are settled between the importer and the seller, a letter of credit is issued to the importer. 

6. The importer arranges for the payment of the advance money on arrival of the goods at the port. This saves the importer from the high penalties. 

7. The overseas supplier after in-loading the merchandise on the ship dispatches the “Shipment Advice” to the importer to give information with respect to the shipment of goods.

8. Dock charges are also paid out by the importer once the goods are received and all inspections are completed.

In India, the procedure of imports usually follows this outline, unless the goods are otherwise specified as hazardous or are specially requested by the government of the country. A number of documents are required to make sure that this process takes place seamlessly, which is important for the importer to have quick access to.

These Documentations Include

• All invoices, packing lists, certificates specifying the origins of the product and its description, GATT declaration, IET documents and any other document that the government specifies. 

• Catalogue, Technical Write ups – required for import of machinery and equipment.

• Chemical Composition, Test bond required by the respective customs – all are needed in case of Chemical Import.

• Phytosanitary Certificate with Fumigation, Certificate of Origin – required for un-processed food, plant products, wood imprints, fruits and seeds import.

• Test Report and Composition – for processed food product import.

• Azo Dye Inspection Certificate – in Import of Fabric.

• PLAT T essential for valuation – In case of import of Plastic Granules.

• Registered EPCG License, Panelised Undertaking by Importer, Bond com BG Bank Covering Letter, Signature Attestation from Bank, Copy of Board of Regulation, Particles of Memorandum, and Detail of Previous License – Import under EPCG license.

• Form necessary from Supplier for customs duty advantage – Import of Ceramic Tiles.

• Test Certificate – Import of Wine and Whiskey. 

Explain Import Procedure

Import procedure means all the steps involved in purchase of goods from any foreign country. The procedural steps involved in import trade differ from country to country in respect of their import policy, statutory requirements. In majority of the countries import trade is being controlled by the government. The objective of empowering the government in the import trade is to keep a strict restriction policy in regards of foreign exchange, protection of Indigenous industries etc. For importing goods, a specified and regulated procedure is to be followed. The procedure is summed into quick steps as below: 

1. Trade Enquiry

2. Procurement of Import License and Quota

3. Obtaining Foreign Exchange

4. Placing the Order

5. Dispatching a letter of Credit

6. Obtaining Necessary Documents

7. Customs Formalities and Clearing of Goods

8. Making the Payment

9. Closing the transactions