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: 08-08-2025 FTAs may give India a share in USD 875 bn imports to EU, UK from China: BCG Date: 08-08-2025 US targets one-kilo gold bars with new tariffs, pressuring Swiss exporters: Report Date: 08-08-2025 Tariffs may go either way but stay fully invested and avoid frequent portfolio churning based on new Date: 08-08-2025 Limited tariff impact on India, reform push likely: Sunil Subramaniam Date: 07-08-2025 Trump may look like he's winning the trade war, but hurdles remain Date: 07-08-2025 Trump hits India with additional 25% tariff: Breaking down US' latest move against New Delhi Date: 07-08-2025 50% tariffs: Here’s how India can flip the script on Trump’s trade offensive Date: 07-08-2025 "Bullying by Buffoon-in-Chief," AIMIM Chief slams Trump for imposing additional 25% tariffs on India Date: 07-08-2025 Who will be hit hardest by Trump's 50% tariff on India? A sector-wise breakdown Date: 06-08-2025 ET Make in India SME Regional Summits: How IDBI is filling the ?30 lakh crore MSME gap What is New? Date: 31-07-2025 Notification No. 49/2025-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils,Brass Scrap, Areca Nut, Gold and Silver Date: 19-07-2025 Notification No. 34/2025-Customs Seeks to amend notification No. 146/94-Customs, dated the 13th July, 1994 to omit serial number 10A. Date: 18-07-2025 Notification No. 33/2025-Customs Seeks to amend notification No. 146/94-Customs, dated the 13th July, 1994 to provide exemption on import of Horses for Polo (HS 0101 29 10) under specified condition. Date: 16-07-2025 Notification No. 47/2025-Customs (N.T.) Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s. Ammega Belting India Pvt. Ltd. -reg Date: 15-07-2025 Notification No. 46/2025-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver Date: 30-06-2025 Notification No. 44/2025-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver Date: 30-06-2025 Notification No. 32/2025-Customs Seeks to amend Notification No.130/2010- Customs dated 23.12.2010 to extend the exemption benefits to Air Canada. Date: 13-06-2025 Notification No. 43/2025-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver Date: 11-06-2025 Notification No. 42/2025-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver Date: 06-06-2025 Notification No. 13/2025-Customs (ADD) Seeks to impose Anti Dumping Duty on imports of ‘Insoluble Sulphur’ originating in or exported from China PR and Japan.
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