Importing Goods in India

Import procedure India has a series of steps that can help a particular person or firm to import goods from other countries located very far away or also closer. Import procedure Chennai has a few rules that will be explained here. The steps that include import procedure India are as follows:-

·         Obtaining a quota or an import license

·         Obtaining a particular foreign exchange

·         Placement of an order

·         Des patching of a letter of credit

·         Appointment of clearing and forwarding agents

·         Receiving a shipment advice and other important documents related to importing

·         A bill of entry

·         A delivery order

·         A statement showing the clearing of goods

·         Payment to the clearing and forwarding of goods

·         A follow up statement

The above documents are very important and are vital to the import procedure Chennai

·         Obtaining quota and import license

In India obtaining a government license is very important which makes it all the more important to obtain a quota and an import license. An importer has to attach all the required receipts to this document.

·         Obtaining a foreign exchange

The importer before placing an order has to apply to the Reserve Bank of India to obtain a requisite foreign exchange. If all the documents of the importer are found valid the RBI and ECS will sanction the requisite foreign exchange to a particular importer.

·         Placing an order

The importer will then have to place an order directly or through an agent in the indent house.  He or she can also place an order through a canalized agency in case of canalized goods.

·         Des patching a letter of credit

After placing an order and obtaining the required documents the importer should obtain a letter of credit in the favour of the supplier.

·         Appointing clearing and forwarding agents

In order to clear goods from the customs, clearing and forwarding agents must be appointed by the importer. This clearing and forwarding job is  a very specialized job which makes it vital to hire a specialized clearing and forwarding agent who can do the job efficiently.

·         Receiving a shipment advice

The importer must make sure he receives a shipment advice from the exporter. The shipment advice is useful because it shows when the exporter will be loading the goods on to the ship.

·         Receiving the documents

The bank of the importer will be receiving the documents from the bank of an exporter. These documents are important for a smooth process to take place.

The above explained steps are important and the other steps that include bill of entry, follow up statement can be processed very easily.

To know more details:  Income Tax Calculator India