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Starting Import Business Introduction.


Introduction

Starting an import business is a goal of more than thousands of merchants and businessman. Like an export business, import business is also very profitable business, if an importer proceeds with the right strategies. However, the long term success and profitability of an import business greatly depends on the importer’s knowledge and understanding about the international market and foreign market analysis.

Today, importing goods from abroad has becomes a big business. Everything from beverages to cars--and a staggering list of other products that one might have never imagined has now become the part of the global import. Millions of products are bought, sold, represented and distributed somewhere in the world on a daily basis.

Reasons for Import

There are number of supporting reasons why import business and services is growing at such a fast rate:-

Availability: An individual or business man or an importer needs to import because there are certain things that he can’t grow or manufacture in his home country. For example Bananas in Alaska, Mahogany Lumber in Maine and Ball Park franks in France.

Cachet: A lot of things, like caviar and champagne, pack more cachet, more of an "image," if they're imported rather than home-grown. Think Scandinavian furniture, German beer, French perfume, Egyptian cotton. It all seems classier when it comes from distant place.

Price: Price factor is also an important reason for import of products. Some products are cheaper when imported from foreign country. For example Korean toys, Taiwanese electronics and Mexican clothing, to rattle off a few, can often be manufactured or assembled in foreign factories for far less money than if they were made on the domestic country.

Import in India

The rising middle income groups of consumers in India and their increasing levels on expenditure on various products has resulted a faster rising demand of the Indian import business. Major imports of India include cereals, edible oils, machineries, fertilizers and petroleum products. Total import from India estimated to be around US$187.9 billion. India is also a bulk importer of edible oil, sugar, pulp and paper, newsprint, crude rubber and Iron and steel.

Import Regulatory Body

In India, all the activities related to import are handled by the Directorate General of Foreign Trade (DGFT), a government organisation that also controls the export business in India. DGFT and all its regional offices work under the Ministry Commerce and Industries, Department of Commerce, Government of India. All the procedure and policies in matter related to the import is announced by the DGFT through its notification, appendices and forms.


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What is New?

Date: 21-04-2017
Customs Notification No. 17/2017
Seeks to exempt goods, falling under the First Schedule to the Customs Tariff Act, 1975, when imported into India by or along with a unit of the Army, the Navy, the Air Force or the Central Paramilitary Forces on the occasion of its return to India after a tour of service abroad, from basic customs duty (BCD), CVD and SAD subject to the specified conditions.

Date: 21-04-2017
Trade Notice No. 04/2018
Consideration of applications for grant of Licences/ Authorisations for import of “Gold Dore”

Date: 20-04-2017
Notification No.40/2017 - Customs (N.T.)
Rate of exchange of conversion of the foreign currency with effect from 21st April, 2017

Date: 20-04-2017
Customs Notification No. 16/2017
Seeks to exempt goods falling under chapter 30 of first schedule of Customs tariff Act 1975, for supply under Patient Assistance Programme run by specified pharmaceutical companies

Date: 19-04-2017
Customs Instruction No. 05/2017
Meeting with representatives of Foreign Missions -reg.

Date: 19-04-2017
DGFT Notification No. 03/2015-2020
Exemption from the application of quantitative ceiling and export bans on export of organic agricultural products (wheat, non-Basmati rice) and organic processed products (edibleoils and sugar) and enhancement of quantitative ceiling on export of pulses & lentils

Date: 19-04-2017
Customs Circular No. 15/2017
DRescinding Board Circular F. No. 528/213/87 - Customs (TU)

Date: 19-04-2017
DGFT Public Notice No. 02/2015-2020
Amendment in Standard Input Output Norms A-39 under Chemical & Allied Product Group –reg

Date: 18-04-2017
Customs Notification No. 14/2017
Amendment to Notification No.41/1999-Cus to align the said notification with para 4.36 of FTP 2015-20 by omitting the word 'for export' in the proviso to the notification

Date: 13-04-2017
DGFT Notification No. 02/2015-2020
TRQ for Raw Sugar: Amendment in import policy of raw sugar classified under Exim Code 170114 of Chapter 17 of ITC (HS), 2017–Schedule–1 (Import Policy