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: 21-07-2014
RBI/2013-14/137 A. P. (DIR Series) Circular No.9
Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002 – Money Changing Activities – Recognising E-Aadhaar as an ‘Officially Valid Document’ under PML Rules

Date: 21-07-2014
RBI/2014-15/138 A. P. (DIR Series) Circular No.10
Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002 – Money Transfer Service Scheme – Recognising E-Aadhaar as an ‘Officeally Valid Document’ under PML Rules

Date: 21-07-2014
Customs Notification No 54/2014 (NT)
Notification No. 54/2014-Customs (N.T.)

Date: 21-07-2014
Order
Appointment of Common Adjudicating Authority

Date: 21-07-2014
Order
Appointment of Common Adjudicating Authority

Date: 21-07-2014
Order
Appointment of Common Adjudicating Authority

Date: 21-07-2014
Order
Appointment of Common Adjudicating Authority

Date: 18-07-2014
RBI/2014-15/133 A.P. (DIR Series) Circular No. 6
Foreign Direct Investment – Reporting under FDI Scheme

Date: 18-07-2014
RBI/2014-15/134 A. P. (DIR Series) Circular No. 7
Rupee Drawing Arrangement – Delegation of work to Regional Offices

Date: 18-07-2014
RBI/2014-15/135 A. P. (DIR Series) Circular No. 8
Money Transfer Service Scheme – Delegation of work to Regional Offices


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