In recent years, India has become a popular destination for import sourcing. It falls under the top twenty nations of the world in the list of exporting countries and is a world leader in various goods for exports like coffee, tea, spices, and certain gemstones.
Since liberalization has entered the Indian economy, the process has become even easier and more accessible.
Here are all the details like how to export from India, necessary arrangements, and documentation required.
First and foremost, you must know how to set up the export business in India, and then we shall proceed with the process. To ensure the safe and legal export of goods, the export business must follow a simple process. The procedure for starting an export business, according to government guidelines, is as follows:
Step 1: You must have a valid business operation. Next, as mandated by the government, you must open a bank account in any authorized bank in India. It is necessary to open a current account with a bank authorized to deal in foreign exchange.
To begin an export business, a sole proprietorship/partnership firm/company must be established according to the procedure, with an appealing name and logo.
Step 2: Obtaining a Permanent Account Number (PAN) - Every exporter and importer must obtain a PAN from the internal revenue service. The businesses and bank account holders have it already.
Step 3: Obtaining an IEC (Importer-Exporter Code) Number - It is mandatory to obtain an IEC for export/import from India, according to the Foreign Trade Policy.
According to ANF 2A, an application for IEC is filed online at DFGT, and an application fee of Rs 500/- is paid online via net banking or credit/debit card, along with the required documents listed in the application form.
Step 4: Registration and membership certificate (RCMC) - Exporters must obtain an RCMC from the Export Promotion Council to obtain authorization for export. They can also look for any other benefit or concession under FTP 2015-20 and receive services/guidance.
After completing the four steps above, you can look forward to how to export from India. However, it is better that you must know about the pricing details and related processes.
Source Name:-Economic Times