Introduction To Imports
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yagayIntroduction To Imports
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yagayINTRODUCTION TO IMPORTS
Generally, an import means bringing goods into one country from another
country in a legitimate manner, typically for use in trade. Import of goods and
services are provided to domestic consumers by foreign producers. Import of
commercial quantities of goods normally requires involvement of the Customs
authorities in both the country of import and the country of export.
As per the Customs Act, 1962, import means bringing goods into India from a
place outside India. The Foreign Trade Policy regulates import of goods.
For the purpose of import, goods have been divided into following
categories:-
1. Prohibited Goods are not permitted to be imported at all.
2. Restricted Goods can be imported against a licence or subject to certain conditions
3. Canalised Goods are permitted to be imported only through State Trading Enterprises
(STEs).
4. Free Goods are goods which can be imported without any licence or condition.
An importer has to obtain an Importer-Exporter Code (IEC) Number from the office of
Director General of Foreign Trade (DGFT). The IEC number is not necessary for import
from Nepal or Bhutan. The importer can either handle the clearance formalities himself
or he can appoint an authorised Customs House Agent, who is licensed by Customs for
such work. For the clearance of imported goods, importers are required to file a
document known as Bill of Entry under Section 46 of the Customs Act. The Bill of Entry
(B/E) can be filed manually, where EDI/Computer system is not in operation. In most of
the Customs Houses, it is filed, assessed and generated through computers.
The documents generally required to be submitted for clearance of import goods are –
Signed invoice, Packing list, Bill of Lading/Airway Bill, Certificate of Origin, duly filled in
GATT declaration form, Licence, Authorisation, Catalogues/Technical write-up/Literature –
Wherever necessary, etc.
Some major/reputed importers or Government Undertakings have been given the Green
Channel facility, under which the goods are cleared without routine examination of the
goods.
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