Foreign exchange regulations in India mandate for Exchange control declaration form, if goods are exported beyond $ 25,000 per transaction. Accordingly an exporter has to file a declaration in the format prescribed by RBI and submit the same to the Indian customs. The Exchange Control Declaration (previously GR) Form is essential for declaring exports of … Read more
Bill of Entry (BoE) and its significance in international trade. What is a Bill of Entry? The Bill of Entry is a key import document used in export-import transactions. It serves as a formal declaration by an importer to the customs authorities, providing essential details about the imported goods. Purpose of the Bill of Entry(BOE): … Read more
In international trade, ensuring smooth import operations is based upon meticulous and accurate filing of import documents. Whenever, importing goods or products to new overseas markets, having the right paperwork in order is crucial. Proper documentation speeds the movement of goods across borders & also mitigates risks and ensures transparency in transactions. List of documents required for … Read more
Export documents is of prime importance in iin international trade. It is through this documents that financing of shipments, transportation of cargo is possible. Export documents help in implementing transfer of goods to the importer. Export documents are mandatory to realize payment for the consignment safely. Export documents divided into 3 categories: A) commercial export … Read more
In any export-import operations or cross-border trade, the cargo must be cleared by the customs officials of that country to protect and safeguard the country from dangerous things entering its territory. As an exporter or importer, it is important to register with the customs department to deliver the cargo smoothly, with no legal hassles and … Read more
As per the FTP of India, export and import of goods are not allowed without an Importer Exporter code number. IEC code is issued by DGFT a competent authority, that acts under the administrative control of Ministry of Commerce and industry, GOI. The DGFT is authorized to grant IEC code license to the exporter or … Read more
Incoterms, or International Commercial Terms, are a set of predefined commercial terms published by the International Chamber of Commerce (ICC) that are widely used in international commercial transactions or procurement processes. They are primarily used to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods. Different Incoterms are better … Read more
An international transaction begins either from the side of the exporter or from an importer based on forces of demand and supply. If importer demands any supply from an exporter the willingness is communicated through import quotation and if exporter makes an offer to sell something to the importers it is called proforma invoice. Importance … Read more
How to Apply for PAN online through NSDL wesite PAN NO: PAN stands for Permanent Account Number in its entire form. The Department of Income Tax issues the PAN card, which has 10 alphanumeric digits. Applying for a PAN card online is facilitated by the National Securities Depository Limited (NSDL)website through Protean eGov Technologies Limited. or … Read more
Charter party and bill of lading are integral components within the shipping industry. They ensure smooth operations, protect stakeholders’ interests, and provide necessary documentation for various purposes. common features and details of charter Party bill of lading: While the specific features may vary depending on the terms of the charter party and the needs of … Read more
