List and briefly explain the steps involved in import procedure.
Dear student,
Following steps are involved in import procedure:
1. Import License:- Whenever any firm wants to import the goods it takes the permissions from the Government which is called Import license.
2. Sends Indent or Order:- The trader sends an order or indent to the exporter. In which all the important information's about the goods which he wants are written.
3. Opening Letter of Credit:- When the indent is accepted by the exporter then importer will open a letter of credit in his bank in favor of the exporter.
4. Exchange Rate Fixation:- Importer has to make the payment in terms pf foreign currency. So foreign exchange rate is also determined through the brokers.
5. Advice of Shipment:- After dispatching the goods, exporter informs the importer through letter. In the letter all the information's about shipment are provided.
6. Payment of Bill:- After the departure of the goods exporter advises to present ther bill of exchange along with relatives shipping documents to the importer. Importer makes the payment and receives the documents.
7. Delivery of Goods:- Imported goods must be cleared through customs departments. If these are duty free then there is no problem for the importer. After the examination of imported goods and payment of duty importer will take the articles to his own store.
Generally the imported goods are cleared by the clearing agent of the port.
8. Importer check the imported goods, according the indent. If it is checked and found correct then he informs the export and this procedure of importing goods ends.
Regards
Following steps are involved in import procedure:
1. Import License:- Whenever any firm wants to import the goods it takes the permissions from the Government which is called Import license.
2. Sends Indent or Order:- The trader sends an order or indent to the exporter. In which all the important information's about the goods which he wants are written.
3. Opening Letter of Credit:- When the indent is accepted by the exporter then importer will open a letter of credit in his bank in favor of the exporter.
4. Exchange Rate Fixation:- Importer has to make the payment in terms pf foreign currency. So foreign exchange rate is also determined through the brokers.
5. Advice of Shipment:- After dispatching the goods, exporter informs the importer through letter. In the letter all the information's about shipment are provided.
6. Payment of Bill:- After the departure of the goods exporter advises to present ther bill of exchange along with relatives shipping documents to the importer. Importer makes the payment and receives the documents.
7. Delivery of Goods:- Imported goods must be cleared through customs departments. If these are duty free then there is no problem for the importer. After the examination of imported goods and payment of duty importer will take the articles to his own store.
Generally the imported goods are cleared by the clearing agent of the port.
8. Importer check the imported goods, according the indent. If it is checked and found correct then he informs the export and this procedure of importing goods ends.
Regards