Scribd
Upload
262 views

Documents Required For Import Documentation

The document discusses import documentation requirements in India. It outlines various documents needed for import clearance including a bill of entry, commercial invoice, bill of lading, import license, insurance certificate, purchase order/letter of credit, and industrial license if applicable. It provides details on import procedures such as obtaining shipping information, checking import policies, securing exchange control approval, issuing purchase orders, arranging letters of credit, receiving shipment advice, and clearing customs. Common import documents like proforma invoices, import orders, shipment advice, bills of lading, bills of entry, letters of credit, and trade enquiries are also explained.

Uploaded by

John Honnai
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
262 views

Documents Required For Import Documentation

The document discusses import documentation requirements in India. It outlines various documents needed for import clearance including a bill of entry, commercial invoice, bill of lading, import license, insurance certificate, purchase order/letter of credit, and industrial license if applicable. It provides details on import procedures such as obtaining shipping information, checking import policies, securing exchange control approval, issuing purchase orders, arranging letters of credit, receiving shipment advice, and clearing customs. Common import documents like proforma invoices, import orders, shipment advice, bills of lading, bills of entry, letters of credit, and trade enquiries are also explained.

Uploaded by

John Honnai
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 11

Seminar Topic - Import Documentation

Submitted by - Anagha N S (M. Com 3rd


semester)
Introduction
Import is a very important function of our
economy. It is one of the most regulated
sectors of our economy. Let us understand the
in-depth import procedures and their
important documentation.As per the guidelines
of Government of India, every importer needs
to file the documents mentioned for the
import. Let's discuss about the Import
documents and procedures for import.

Import documentation
Documents required for import
Documentation
 Bill of Entry
 Commercial Invoice.
 Bill of Lading / Airway bill
 Import License.
 Insurance certificate.
 Purchase order/Letter of Credit.
 Technical write up, literature etc. for specific goods if
any.
 Industrial License if any.

Procedures for Import Documentation


 The initial step engaged in importing a product is to
accumulate information about the nations and firms
which send out the item required by the exporter. It
can be accumulated from trade directories, trade
organizations, and associations. The exporter readies
a quotation otherwise called Performa Invoice and
sends it to the importer.
 The Importer Consults the export-import (EXIM)
Policy in power, all together to know whether the
merchandise that he/she needs to import are
subjected to import licensing or not.
 In the situation of an import transaction, the
provider resides in a foreign nation and
subsequently requests the installment of foreign
cash. This includes the trade of Indian Currency into
foreign money. The Exchange Control Department of
the Reserve Bank of India (RBI) manages foreign
trade exchange in India. According to rules, each
merchant needs to secure the sanction of foreign
trade.
 The importer puts in an import request or indents
with the exporter for the supply of merchandise. The
request contains information with respect to cost,
quality, quantity, size and grade of goods
instructions with respect to packaging, delivery
shipping, a method of payment and so on.
 At the point when the payment terms concur
between the importer and the overseas provider,
the importer gets the letter of credit from its banker
and forwards it to the overseas provider.
 The importer arranges for money in advance to pay
the exporter on arrival of goods at the port this
empowers the importer to avoid huge penalties on
the imported goods lying uncleared at the port for
the need of payment.
 The overseas supplier after loading the merchandise
on the ship dispatches the “Shipment Advice” to the
importer. It gives information with respect to the
shipment of goods like receipt number, bill of
lading/airway bill, the name of the ship with date
description of merchandise and amount and so
forth.
 After dispatching the merchandise, the abroad
exporter hands over the different documentation
like an invoice, bill of lading, insurance certificate of
origin to his banker for their forward transactions to
the importer when he receives the bill of exchange
drawn by the provider. The acknowledgment of a bill
of exchange by the importer to get a confirmation of
delivery is known as the retirement of import
documents.
 At the point when the sent merchandise comes in
the importer’s nation, the individual accountable for
the merchandise conveys the officer in control at the
dock or the airport about it. The individual
responsible for the ship or airway gives the report
with respect to import.
 Imported merchandise are subjected to customs
which is an exceptionally extensive process and
includes a considerable time to complete. The
importer more often than not appoints a C&F
operator for completing these customs.Essentially,
the merchant acquires a delivery order which is
otherwise called an endorsement for delivery. This
order allows the importer to take to take the
delivery of merchandise subsequent to pay the cargo
charges.Importer likewise needs to pay dock dues
for getting port trust dues receipts for which he
submits two duplicates filled in the form is known as
“application to import” to the Landing and
“Delivering Dues Office”. Subsequent to paying dock
dues the importer gets back one copy of the
application as a receipt which is called as ‘port trust
levy receipts’.
 At long last, the importer fills in a frame known as
‘bill of entry’ for appraisal of customs import duty.
An inspector inspects the merchandise and gives his
report regarding the bill of entry. This bill is then
introduced to the port administration which on
getting the important charges, issues the discharge
arrangements.

Documents Used in an Import Transaction


Proforma Invoice:
It is a record that contains points of interest with regards
to the quality, review, design, mass, weight, and cost of
the exported merchandise and the terms and conditions
on which their transportation will occur.

Import order or Indent:


It is a documentation in which the importer orders for
supply of imperative merchandise to the supplier. The
order containing the data, for example, amount and
nature of merchandise value, a technique for sending the
merchandise, packing process, method of payment and
so forth.

Shipment counsel:
The exporter sends shipment advice to the importer for
telling him that the merchandise has been dispatched. It
contains invoice number, bill of lading/airway bill
number and date, the name of the vessel to date, the
port of export, description of products and amount and
the date of cruising of the vessel.

Bill of lading:
It is readied and marked by the captain of the ship
recognizing the receipt of merchandise on board. It
contains terms and conditions on which the products are
to be taken to the destination.

Bill of entry:
It is a form provided by the customs office to the
importer who filled it at the duration of getting the
merchandise. It must be in triplicate and is to be
submitted to the customs office.

Letter of credit:
It is a document that contains a certification from the
importer bank to the exporter’s bank that it is attempted
to respect the payment up to a specific sum of the bills
issued by the exporter for transportation of the products
to the importer.

Trade Enquiry:
It is a written request made by a logistic firm to the
abroad provider for giving data in regards to the cost and
different terms and conditions for trading merchandise.

Import License
As I have mentioned above, import license may be
required as one of the documents for import customs
clearance procedures and formalities under specific
products. This license may be mandatory for importing
specific goods as per guide lines provided by
government. Import of such specific products may have
been being regulated by government time to time. So
government insist an import license as one of the
documents required for import customs clearance to
bring those materials from foreign countries.

Insurance certificate
Insurance certificate is one of the documents required
for import customs clearance procedures. Insurance
certificate is a supporting document against importer’s
declaration on terms of delivery. Insurance certificate
under import shipment helps customs authorities to
verify, whether selling price includes insurance or not.
This is required to find assessable value which
determines import duty amount.

Industrial License
An industrial license copy may be required under specific
goods importing. If Importer claims any import benefit as
per guidelines of government, such Industrial License can
be produced to avail the benefit. In such case, Industrial
license copy can be submitted with customs authorities
as one of the import clearance documents.

Test report
The customs officials may not be able to identify the
quality of goods imported. In order to assess the value of
such goods, customs official may draw sample of such
imported goods and arranges to send for testing to
government authorized laboratories. The concerned
customs officer can complete appraisement of such
goods only after obtaining such test report. So test report
is one of the documents under import customs clearance
and formalities under some of specific goods.
DEEC/DEPB /ECGC or any other documents for
duty benefits
If importer avails any duty exemptions against imported
goods under different schemes like DEEC/DEPB/ECGC
etc., such license is produced along with other import
clearance documents.

Central excise document


If importer avails any central excise benefit under
imported goods, the documents pertaining to the same
need to be produced along with other import customs
clearance documents.

GATT/DGFT declaration.
As per the guidelines of Government of India, every
importer needs to file GATT declaration and DGFT
declaration along with other import customs clearance
documents with customs. GATT declaration has to be
filed by Importer as per the terms of General Agreement
on Tariff and Trade.

Conclusion
Apart from the above mentioned documents, importer
has to file additional documents if any required as per
the guidelines of government / customs department
under import of specific goods.
All importers must have to follow detailed customs
clearance formalities when importing goods into India. A
complete overview of EXIM procedures can be found on
the Indian Directorate of General Valuation's website.

References
www.toppr.com › business-studies
www.managementstudyguide.com › ...
www.falconfreight.com › Document...

You might also like