Export License.


MODES OF INTERNATIONAL TRADE

Introduction

An export license is a document issued by the appropriate licensing agency after which an exporter is allowed to transport his product in a foreign market. The license is only issued after a careful review of the facts surrounding the given export transaction. Export license depends on the nature of goods to be transported as well as the destination port. So, being an exporter it is necessary to determine whether the product or good to be exported requires an export license or not. While making the determination one must consider the following necessary points:

  •  What are you exporting?

  • Where are you exporting?

  • Who will receive your item?

  • What will your items will be used?

Canalisation

Canalisation is an important feature of Export License under which certain goods can be imported only by designated agencies. For an example, an item like gold, in bulk, can be imported only by specified banks like SBI and some foreign banks or designated agencies.

Application for an Export License

To determine whether a license is needed to export a particular commercial product or service, an exporter must first classify the item by identifying what is called ITC (HS) Classifications. Export license are only issued for the goods mentioned in the Schedule 2 of ITC (HS) Classifications of Export and Import items. A proper application can be submitted to the Director General of Foreign Trade (DGFT). The Export Licensing Committee under the Chairmanship of Export Commissioner considers such applications on merits for issue of export licenses.

Exports Free unless regulated

The Director General of Foreign Trade (DGFT) from time to time specifies through a public notice according to which any goods, not included in the ITC (HS) Classifications of Export and Import items may be exported without a license. Such terms and conditions may include Minimum Export Price (MEP), registration with specified authorities, quantitative ceilings and compliance with other laws, rules, regulations.

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What is New?
Date: 21-04-2014
RBI/2013-14/567 A.P. (DIR Series) Circular No.124
Foreign Direct Investment in Pharmaceuticals sector – clarification

Date: 17-04-2014
Customs Notification No 32/2014 (NT)
Rate of exchange of conversion of each of the foreign currency with effect from 17th April, 2014

Date: 16-04-2014
RBI/2013-14/566 A.P. (DIR Series) Circular No. 123
Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP)

Date: 15-04-2014
DGFT Public Notice No.58/(RE 2013)/2009-14
Amendment in the date of effect for implementation of Self-certification regarding compliance of bar-coding requirements on secondary and tertiary level packaging on export consignment of pharmaceuticals and drugs.

Date: 15-04-2014
Customs Notification No 31/2014 (NT)
Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001

Date: 11-04-2014
Customs Notification No. 15/2014-Customs (ADD
Seeks to levy provisional anti-dumping duty on imports of cast aluminium alloy wheels or alloy road wheels used in motor vehicles when imported into India from People’s Republic of China, Korea RP and Thailand for a period of 6 months

Date: 10-04-2014
RBI/2013-14/560 A.P. (DIR Series) Circular No.121
External Commercial Borrowing (ECB) Policy – Review of all-in-cost ceiling

Date: 10-04-2014
RBI/2013-14/561 A.P. (DIR Series) Circular No.122
Trade Credits for Imports into India – Review of all-in-cost ceiling

Date: 10-04-2014
RBI/2013-14/559 A.P. (DIR Series) Circular No.120
Rupee Drawing Arrangement – ‘Direct to Account’ Facility

Date: 09-04-2014
DGFT Public Notice No.57/(RE 2013)/2009-14
Procedure for export of pulses to Republic of Maldives


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