Dos and Don't Dos in Imports. Do's Don,tsDo's Open LC or import transactions only for customers and open only if the party has got sanction limit. Allow import of restricted items as per procedure laid down in the Exim Policy. Handover import documents only to drawee or his PA holder against property acknowledgement. Allow payment for import by debit to customer’s account. Allow payment for the bills beyond six months and also allow payment of overdue interest on sight bills for a period not exceeding six months. Allow payment to local agents on commission basis. In case of overseas agent, allow commission as per FEMA guidelines. Verify the imported items under the LC. Issue amendments to LC only on the basis of written request. Verify whether the payment method in Letter of Credit is done as per FEMA guidelines or not. In case of default payment, crystallise the bill on 10th day of the month. Allow import provided goods are consigned to bank account opener. Insist for insurance cover at the time of opening the LC. Allow opening of LC on DA basis provided the Usance does not exceed more than 180 days. Allow opening of Transferable LCs provided transfer is restricted to specified second beneficiaries whose credit report is satisfactory. 15. Verify the Letter of Credit application form to ensure whether they are properly filled and stamped. Report to the RBI (Reserve Bank of India) if the bill of entry is not received. Sell the imported goods, only after getting permission from ITC authorities. Keep one copy of shipping documents, invoice and other papers for future inspection by the custom inspector or the Reserve Bank of India.Don'ts Issue the Letter of Credit if the customer doesn’t have IEC number. Open LC without proper transport documents. Allow advance payment without proper documentation. Forward the documents to third party without permission from the importer. Import prohibited or restricted items without import license. Allow direct remittance of import bills beyond the limit and without EC copy of bill of entry. Open revolving LC without safety clause. Amendments to the Letter of Credit for import of those items which is either restricted or prohibited. Allow import documents received under collection paid without verifying importers line of business and financial standing.Table of ContentsChapter 1 Starting Import IntroductionChapter 2 Preliminaries for Starting Import BusinessChapter 3 Registration of ImportersChapter 4 Guidelines And Rules for ImportChapter 5 Selecting The Overseas ExporterChapter 6 Import LicenseChapter 7 Import Trade Governing BodiesChapter 8 Import of SamplesChapter 9 Finalizing The Terms of ImportChapter 10 Import DutiesChapter 11 Import RisksChapter 12 Import Incentives under Special SchemesChapter 13 Methods of Payment in Import TradeChapter 14 Import of Personal BaggageChapter 15 Import of GiftsChapter 16 Impor of Cars Vehicle Commerical and Non CommercialChapter 17 Import of Gold And Silver by NRIChapter 19 Custom Clearance of Imported GoodsChapter 18 Import of Drugs And MedicineChapter 20 Import of Scrap And Waste ProductsChapter 21 Import Laptops And ComputersChapter 22 Import Dos And Donts
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 09-05-2024 RBI Guv Shaktikanta Das discusses ways to scale up UPI ecosystem with stakeholders Date: 09-05-2024 Economy better placed to pursue non-inflationary growth: CEA V Anantha Nageswaran Date: 09-05-2024 India extends free import of yellow peas till October Date: 09-05-2024 EU tariffs on Chinese EVs could backfire, German car bosses warn Date: 09-05-2024 India extends free import of yellow peas till October 2024 Date: 09-05-2024 India extends free import of yellow peas till October 2024 Date: 08-05-2024 Received a tax notice seeking more details, or for not filing your ITR? Here's are some key things t Date: 08-05-2024 India's toy exports slip to $152.34 mn in 2023-24; need strategy to push it: GTRI report Date: 07-05-2024 India allows 14,000 MT non-basmati white rice exports to Mauritius Date: 07-05-2024 China is buying gold like there's no tomorrow What is New? Date: 02-05-2024 Notification No. 34/2024 - Customs (N.T.) Exchange Rate Notification No. 34/2024-Cus (NT) dated 02.05.2024-reg. Date: 18-04-2024 Notification No. 30/2024 - Customs (N.T.) Exchange Rate Notification No. 30/2024-Cus (NT) dated 18.04.2024-reg. Date: 12-04-2024 NOTIFICATION No. 09/2024 – CENTRAL TAX Seeks to extend the due date for filing of FORM GSTR-1, for the month of March 2024 Date: 10-04-2024 NOTIFICATION No. 08/2024- Central Tax Seeks to extend the timeline for implementation of Notification No. 04/2024-CT dated 05.01.2024 from 1st April, 2024 to 15th May, 2024 Date: 08-04-2024 Notification No 07/2024 – Central Tax Seeks to provide waiver of interest for specified registered persons for specified tax periods Date: 05-04-2024 Notification No. 23/2024-Customs Seeks to amend No. 64/2023-Customs, dated the 7th december, 2023 in order to allow duty free imports of yellow peas with bill of lading issued on or before 30.06.2024 Date: 04-04-2024 Notification No. 27/2024 - Customs (N.T.) Exchange Rate Notification No. 27/2024-Cus (NT) dated 04.04.2024-reg Date: 02-04-2024 Notification No. 22/2024-Customs Seeks to fully exempt the applicable export duty on exports of Kalanamak rice not exceeding 1000 MTs subject to the specified conditions. Date: 26-03-2024 Notification No. 24/2024 - Customs (N.T.) Exchange Rate Notification No. 24/2024-Cus (NT) dated 26.03.2024-reg Date: 14-03-2024 NOTIFICATION No. 17/2024-Customs Seeks to amend notification No. 57/2017-Customs dated 30.06.2017 so as to modify BCD rates on certain smart wearable devices.
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