Dos and Don't Dos in Imports. Do's Don,tsDo's Open LC or import transactions only for customers and open only if the party has got sanction limit. Allow import of restricted items as per procedure laid down in the Exim Policy. Handover import documents only to drawee or his PA holder against property acknowledgement. Allow payment for import by debit to customer’s account. Allow payment for the bills beyond six months and also allow payment of overdue interest on sight bills for a period not exceeding six months. Allow payment to local agents on commission basis. In case of overseas agent, allow commission as per FEMA guidelines. Verify the imported items under the LC. Issue amendments to LC only on the basis of written request. Verify whether the payment method in Letter of Credit is done as per FEMA guidelines or not. In case of default payment, crystallise the bill on 10th day of the month. Allow import provided goods are consigned to bank account opener. Insist for insurance cover at the time of opening the LC. Allow opening of LC on DA basis provided the Usance does not exceed more than 180 days. Allow opening of Transferable LCs provided transfer is restricted to specified second beneficiaries whose credit report is satisfactory. 15. Verify the Letter of Credit application form to ensure whether they are properly filled and stamped. Report to the RBI (Reserve Bank of India) if the bill of entry is not received. Sell the imported goods, only after getting permission from ITC authorities. Keep one copy of shipping documents, invoice and other papers for future inspection by the custom inspector or the Reserve Bank of India.Don'ts Issue the Letter of Credit if the customer doesn’t have IEC number. Open LC without proper transport documents. Allow advance payment without proper documentation. Forward the documents to third party without permission from the importer. Import prohibited or restricted items without import license. Allow direct remittance of import bills beyond the limit and without EC copy of bill of entry. Open revolving LC without safety clause. Amendments to the Letter of Credit for import of those items which is either restricted or prohibited. Allow import documents received under collection paid without verifying importers line of business and financial standing.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: 21-09-2023 UK says India trade talks 'continue as before' amid Canada allegations Date: 21-09-2023 Kenya starts export of avocados to India; first shipment arrives at Mumbai Date: 21-09-2023 'We are very close' on FTA with India: UK trade minister Date: 20-09-2023 Does India-Canada's flaring tensions risk multi-billion trade, investment ties? Date: 20-09-2023 India a rising star ‘for years to come’ due to structural reforms, Van Eck says Date: 20-09-2023 Govt may soon tweak PLI schemes for pharma, textiles, drones Date: 20-09-2023 Government rolls out mandatory quality norms for solder wires Date: 19-09-2023 Global growth likely to slow in 2024, tighter financial conditions may prevail: RBI Date: 19-09-2023 Special Parliament Session: Check the updated list of bills that can be taken up by govt Date: 18-09-2023 Imports from Russia doubles to $25.69 billion in April-August What is New? Date: 18-09-2023 Notification No. 46/2023-Central Tax Seeks to appoint common adjudicating authority in respect of show cause notice issued in favour of M/s Inkuat Infrasol Pvt. Ltd. Date: 15-09-2023 Notification No. 30/2023-Central Excise Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude and reduce the Special Additional Excise Duty on export of ATF Date: 15-09-2023 Notification No. 31/2023-Central Excise dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on export of Diesel. Date: 15-09-2023 Notification No. 56/2023-Customs Seeks to amend No. 19/2019-Customs Date: 15-09-2023 Notification No. 67/2023-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg. Date: 14-09-2023 Notification No. 54/2023-Customs seeks to amend notification no. 50/2017-Customs in order to amend various entries relating to Project Imports as a result of Project Import review. Date: 11-09-2023 Notification No. 09/2023-Customs (ADD) Seeks to impose ADD on imports of " Flat base steel wheels" originating in and exported from China PR for a period of 5 years. Date: 06-09-2023 NOTIFICATION No. 45/2023 – Central Tax Seeks to make amendments (Third Amendment, 2023) to the CGST Rules, 2017. Date: 06-09-2023 Notification No. 64/2023 - Customs (N.T.) Exchange Rate Notification No. 64/2023-Cus (NT) dated 06.09.2023-reg Date: 05-09-2023 Notification No. 52/2023-Customs Seeks to amend notification No. 50/2017 -Customs dated 30.06.2017 in order to modify Customs duty exemption provided to textile machineries.
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