Professional Documents
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Roll No 09 HK HK
INTRODUCTION
Import means purchasing from an outside source beyond the territorial jurisdiction of the country. When an industrial organization requires certain materials, plant and equipment, which are either not available within the country or are available from a foreign source at a cheaper price. In order to meet the material needs, many organisations resort to import, and, therefore, purchases from foreign sources for items like raw materials, spares, tools and plant, or equipment, or capital machinery are required by the importing organization.
Categories of Importers
Importers
Usually, it is the duty of the purchase department to make all arrangements with regard to import of all items and to procure them in time.
For many organizations, there may be number of items of regular use which have to be imported from abroad, while for others, only a few items may have to be imported. In India, Import Trade is largely controlled by the Import Trade control Act, Import Policy of the government of India and the Foreign Exchange Requirements and Regulations Act.
DOCUMENTATION
Some of the special documents used in the foreign purchase are : (a) Bill of Lading (b) Bill of Exchange (c) Invoice (d) Delivery Order (e) Certificate of Origin
Weight Certificate Insurance Policy and Markings of Packages Income Tax Clearance Income tax clearance certificate has to be produced before getting an import license and it should be submitted to the regional licensing authority and remains valid for the two successful financial years.
Customs Tariff Indian customs tariff is revised from time to time, and the import purchaser has to give the correct classification of goods in order to avoid difficulties in customs clearance.
Weight certificate
Markings of Packages
PAYMENT METHODS
Cash In Advance Open Account Documentary Collection Documentary Credit Aval & Guarantees Cash Against Documents (CAD) Letter of Credit (L/C)
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