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Preliminaries for Starting Import Business.




Introduction

Starting an import business needs a proper guidelines and understanding of the foreign market. Before starting an import, it is also important for an importer to obtain all the necessary information in matters associated with foreign trade agreement. Starting an import is not a get-rich-quick-scheme. Like an export, import also requires a lot of preparations.

Selecting the Commodity Market
Proper selection of the commodity market is an important factor before starting an import. Commodity market data and information collected  during research helps to prepare the commodity market report. The right market can be selected by answering the following the following questions.

  • Is the product(s) an importer need to conducting his business available domestically?

  • Is there a lucrative and untapped domestic market for an imported product?

  • Does importing a product increase competitiveness as a business?

An importer should only proceed; if he is determined that importing certain goods will definitely make his business profitable.

Once the importer is confirmed about his importing decision, then he should proceed towards the development of the proper import business plan. While making the import plan, importer of India must evaluate the various government policies and guidelines including the rules and regulation as mentioned in the Foreign Trade Policy Procedures, 2004-09.

An importer is always free to import goods in India provided that such goods are imported under the regulations of ITC- HS Classifications of Export Import items. ITC-HS codes are divided into two schedules. All the rules and regulations related to the Indian import is mentioned in the Schedule I of the ITC.

Prohibited goods and items are not at all allowed to import while restricted items are only allowed to import though a special license issued by the Ministry of Commerce, Government of India.

State Trading Corporation of India
There are certain goods that can be only imported outside the country through a recognize agency. State Trading Corporation of India is also one of them that import a number of essential commodities to cover the domestic shortfalls and hold the price line. STC serves the national objective by arranging timely imports at most competitive prices. In the process, the Corporation makes best use of its strength in handling bulk imports, vast infrastructure and above all an experience of over four decades in fulfilling the needs of the industry. The STC is responsible for the import of goods such as bullion, vanaspati and edible oils, pulses, hydro-carbons, metals and minerals and fertilizers.

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What is New?

Date: 30-10-2021
Notification No. 78/2021-Customs (N.T.)
Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018.

Date: 13-10-2021
Notification No. 48/2021-Customs
Seeks to reduce BCD on crude and refined soya, sunflower and palm oils till 31.03.2022

Date: 13-10-2021
Notification No. 49/2021-Customs
Seeks to reduce AIDC on crude soya, sunflower and palm oils till 31.03.2022

Date: 07-10-2021
Notification No.80/2021 - Customs (N.T.)
Exchange rates Notification No.80/2021-Cus (NT) dated 07.10.2021.

Date: 07-10-2021
Notification No. 35/2015-2020
Relaxation in Export Policy of Red Sanders Wood - regarding

Date: 06-10-2021
Public Notice No. 21/2015-20
Implementation of MoU between Government of Republic of India and Government of Republic of Malawi for import of pigeon peas from Malawi - reg.

Date: 05-10-2021
Instruction No. 21/2021-Customs
Submission of Intimation of Arrest Report & Incident Report.

Date: 04-10-2021
Notification No. 34/2015-2020 – DGFT
Amendment in Export Policy of Syringes and incorporation of Policy Condition.

Date: 04-10-2021
Public Notice No. 27/2015-2020-DGFT
Allocation of quantity of 5841 MT (raw/refined) Sugar to EU under TRQ scheme for the year 2021-22

Date: 04-10-2021
Notification No. 59/2021-Customs (ADD)
seeks to extend anti dumping duty on 'ceramic tableware and glassware' originating in or exported from Malaysia, to prevent the circumvention of anti dumping duty levied on subejct goods originating in or exported from China PR vide Notification No. 4/2018-Customs(ADD) dated 21st February, 2018.



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