Guidelines and Rules for Import Business IntroductionExport-Import Policy (1997-2002)Handbook of ProcedureSIONITC-HS CodesIntroductionThe various rules and guidelines in respect of various commodities and category of importers are mentioned in the following publications issued by the Ministry of Commerce, Government of India and revised from time to time: Import - Export Policy, 1997-2002 as modified up to 31.03.1999 Handbook of Procedure Standard Input - Output Norms, 1997-2002. ITC (HS) Classification of Import and Export Items.Export- Import Policy (1997-2002)Export Import Policy or better known as Exim Policy is a set of guidelines and instructions related to the import and export of goods. The Government of India notifies the Exim Policy for a period of five years (1997-2002) under Section 5 of the Foreign Trade (Development and Regulation Act), 1992. The current policy covers the period 2002-2007. The Export Import Policy is updated every year on the 31st of March and the modifications, improvements and new schemes became effective from 1st April of every year. All types of changes or modifications related to the Exim Policy is normally announced by the Union Minister of Commerce and Industry who co-ordinates with the Ministry of Finance, the Directorate General of Foreign Trade and its network of regional offices. Canalization is an important feature of Exim Policy under which certain goods can be imported only by designated agencies. For an example, canalised import items like gold, in bulk, can be imported only by specified banks like SBI (State Bank of India) and some foreign banks or designated agencies.Handbook of ProcedureHandbook of Procedure (Volume I and Volume II), which is issued by the Director General of Foreign Trade (DGFT), is a book that contains all the necessary information about the rules and regulation in the matter related to Foreign Trade Policy. Handbook of Procedure is issued at the gap of every five year with change in the Foreign Trade Policy. Between the five years terms, any further changes or modifications in the Handbook of Procedure are carried out by notifications and amendments.SIONStandard Input Output Norms or SION in short is standard norms which define the amount of input/inputs required to manufacture a unit of output for export purpose. Input output norms are applicable for the products such as electronics, engineering, chemical, food products including fish and marine products, handicraft, plastic and leather products etc. An application for modification of existing Standard Input-Output norms may be filed by manufacturer exporter and merchant-exporter. The Directorate General of Foreign Trade (DGFT) from time to time issue notifications for fixation or addition of SION for different export products. Fixation of Standard Input Output Norms facilitates issues of Advance Licence to the exporters of the items without any need for referring the same to the Headquarter office of DGFT on repeat basis.ITC- HS CodesITC- HS codes or better known as Indian Trade Clarification based on Harmonised System of Coding was adopted in India for import-export business. Indian custom uses an eight digit ITC HS Codes to suit the international trade requirements.Harmonised System codes are divided into two schedules. Schedule I describe the rules and guidelines related to import policies where as Schedule II describe the rules and regulation related to export policies. Schedule I of the ITC-HS code is divided into 21 sections and each section is further divided into chapters. The total number of chapters in the schedule I is 98. The chapters are further divided into sub-heading under which different HS codes are mentioned. Schedule II of the ITC-HS code contain 97 chapters giving all the details about the guidelines related to the export policies.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: 08-04-2021 Committed to growth, RBI maintains accommodative stance Date: 08-04-2021 Tata Power puts 400 MW of new solar capacity on stream Date: 08-04-2021 Citroen C5 Aircross SUV priced at Rs 30L Date: 08-04-2021 US to India: Explain new agri cess, RoDTEP scheme Date: 08-04-2021 US trade deficit jumps 4.8% to USD 71.1 billion in February Date: 06-04-2021 RBI likely to keep rates unchanged, continue accommodative stance Date: 06-04-2021 Dollar drops with yields despite strengthening US recovery Date: 06-04-2021 UNDP India, Spices Board India ink MoU for blockchain-powered system Date: 06-04-2021 FIMI urges govt to remove trade barriers imposed due to e-auction mechanism Date: 06-04-2021 Pakistan issues tender for 50,000 tonnes sugar import, but not from 'banned' countries like India What is New? Date: 12-04-2021 Notification No. 21/2021-Customs (ADD) Seeks to impose anti-dumping duty on imports of Normal Butanol or N-Butyl alcohol originating in or exported from European Union, Malaysia, Singapore, South Africa and United States of America for a further period of 5 years. Date: 11-04-2021 Notification No. 01/2015-2020 Amendment in Export Policy of Injection Remdesivir and Remdesivir API. Date: 09-04-2021 Public Notice No. 53/2015-2020-DGFT Late cut for MEIS applications for exports made in the Financial Year 2019-20 Date: 08-04-2021 Notification No. 08/2021-Central Excise Seeks to amend central excise notifications to make changes consequential to enactment of Finance Act, 2021. Date: 08-04-2021 Notification No. 26/2021 – Customs Seeks to amend customs notifications to make changes consequential to enactment of Finance Act, 2021. Date: 07-04-2021 Public Notice No. 52/2015-2020 Change of office address of Regional Authority, Ahmedabad. Date: 07-04-2021 A.P. (DIR Series) Circular No. 01 External Commercial Borrowings (ECB) Policy – Relaxation in the period of parking of unutilised ECB proceeds in term deposits Date: 05-04-2021 Notification No. 41/2021-Customs (N.T.) Seeks to notify Customs (Verification of Identity and Compliance) Regulations, 2021 Date: 05-04-2021 Notification No. 20/2021 -Customs (ADD) Seeks to impose definitive anti-dumping duty on imports of Flexible slabstock polyol originating in or exported from Saudi Arabia and United Arab Emirates for a period of five years. Date: 01-04-2021 Trade Notice No. 01/2021-2022 Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (IMCECPA) w.e.f. 01st April 2021
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