Do you know you can make a lot of money in the business of Export and Import?
Yes… Business. Nowadays People make more money in the trade of Export and Import they’ll make through any business gains!! So don’t you think it’s a step higher than investing in any other business? If you want to start or say, get involved in this business of exporting or importing, you’ve got to understand the concept of Import and Exports first!
Contents
You probably would have heard the line….’the lipstick is imported, that’s why it is very expensive!’ Ever heard something like that before? Well, it’s because imported goods are definitely expensive than the goods that are already being sold in the market.
In simple words… Import of goods means trading (coming /receiving) of goods in our home country for the exchange of money or services from the other country.
Exports mean sending or trading of goods in the other country from our home country in the exchange of money or services! It’s that simple! For example, the China goods (toys) that are available on every next shop in our country are IMPORTED. And the handicrafts and artworks that are created in the home country that is sent to another country for their purchase (or they may sell it again once they receive it from us) are called EXPORTED GOODS.
The imported goods and be received through shipping and it’s done internationally. Same is the case with exported goods! The exported goods can also be sent through shipping.
And one more important thing (as an exporter) is that the receiver for goods is going to bear all the cost occurred from shipping. (I.e. the extra charge of shipping the goods will get added to the original cost of goods that are being exported.)
That is why imported goods are so expensive too!!
An IEC is mandatory for the exports and imports of goods. If you don’t have it it’s like, you don’t have the electricity to light a bulb! So you must have it.
1. Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture.
2. Import/export by government ministries and departments, and certain notified charitable organizations.
Note: To get an IEC an application can be filed in the Aayaat Niryaat Form 2A (ANF 2A) format to the Regional Authority of the Directorate General of Foreign Trade (DGFT) in the region where the registered office of the company is situated. Oh and you can file it online too!
See, metals include metal-clad, gold, platinum-containing metal mixtures, pearls etc.:
1) the exporters should follow Conditions as per Hazardous Wastes management, handling, and Trans-boundary movement rules. While exporting the precious metals.
2) Test report of analysis from Laboratory also may be required. Kimberly Process Certificate (KP certificate) to export rough diamonds may be required.
3) Certificate from Pollution control board also may be required.
4) Another special requirement the Pre-shipment inspection Certificate. If they find any harmful material when importing those goods, Penalization by re-exporting is demanded by importing country.
Now that you have chosen your product to export, export samples are sent, terms of payment and terms of delivery are agreed with your overseas buyer along with other terms and conditions and issue Per forma invoice, in turn, you receive an export order for the metals followed by purchase order from your overseas buyer.
Type of container is decided if an export shipment of imitation jeweler, pearls, precious metals is on FCL basis otherwise LCL if the mode of shipment of metals is by sea. Export invoice, export packing list, certificate of origin (GSP – Generalized System of Preference) and other documents are prepared based on the purchased order or LC to export imitation jewelry, pearls, and precious metals.
After completion of export customs clearance either by exporter or his Customs broker,
Bill of Lading or AWB is issued by the carrier, if consolidator involved, HAWB or HBL is issued.
For more information, Contact LegalRaasta. Thanks for reading!