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CAP export import

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amulyach999
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
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Internship report on "Export import documentation and

procedures"
MASTER OF BUSINESS ADMINISTRATION INTERNATIONAL BUSINESS

Submitted by

CHEMBOLU AKSHAYA PAUL

REG. NO: 20382016

Under the guidance of

Dr. Y. SRINIVASULU

Professor

Dept. of International Business,

Pondicherry University.

Department of International Business


School of Management
Pondicherry University,
Pondicherry-605014

1
Internship Report Content

Chapter No. Particulars Page No.

I Introduction 4

II Significance in use of Documents 10

III Export Documents 14

IV Import Documents 21

V Sample Documents with Explanation 25

VI Learning out comes 32

2
CHAPTER – 1
INTRODUCTION

3
1. INTRODUCTION

Exports are the goods and services produced in one country and purchased by citizens of
another country. It doesn't matter what the good or service is. It doesn't matter how it is sent. It
can be shipped, sent by email, or carried in personal luggage on a plane. If it is produced
domestically and sold to someone from a foreign country, it is an export. Most countries want
to increase their exports. Their companies want to sell more. If they've sold all they can to their
own country's population, then they want to sell overseas as well. The more they export, the
greater their competitive advantage. That's because they gain expertise in producing the goods
and services.

They also gain knowledge about how to sell to foreign


markets. Governments encourage exports. That's because it increases jobs, brings in higher
wages and raises the standard of living for residents. Exports also increase the foreign exchange
reserves held in the nation's central bank. That's because foreigners pay for exports either in
their own currency or the U.S. dollar. A country with large reserves can use it to manage their
own currency's value. They have enough foreign currency to flood the market with their own
currency. That lowers the cost of their exports in other countries. Countries also use currency
reserves to manage liquidity. That means they can better control inflation, or too much money
chasing too few goods. To control inflation, they use the foreign currency to purchase their own
currency.

An import is a good brought into a jurisdiction, especially across a national border,


from an external source. The party bringing in the good is called an importer. An import in the
receiving country is an export from the sending country. Importation and exportation are the
defining financial transactions of international trade. In international trade, the importation and
exportation of goods are limited by import quotas and mandates from the customs authority.
The importing and exporting jurisdictions may impose a tariff (tax) on the goods. In addition,
the importation and exportation of goods are subject to trade agreements between the importing
and exporting jurisdictions.

4
Documentation and procedures, though complex and cumbersome, are integral part of
international marketing operations. Full knowledge and accurate compliance of procedures and
documentation formalities and as essential as looking into areas of marketing mix to ensure
success in international marketing. Inadequate understanding of the various formalities on the
part of the managers results in protracted correspondence, adversely affecting the business and
cash flow due to delays in realization of export proceeds as also the various incentives.

WHAT IS INTERNATIONAL TRADE:


International trading is basically the import and export of goods and services between an
individual or company in your country and the same party in a foreign country. Trade exists
due to demand and supply quotient. When a buyer in another country wants to import
something that a seller in a different country is selling, trade between the two parties is
enabled. International trade gives access to markets of other countries from where you can
source products which may not be available domestically, or is available for a cheaper price
overseas.

Before foraying into this massive field, it is imperative to understand what are the documents
in international trade. While initiating any trading transactions, the international market
requires certain documents that need to be shown. There are several documents and each
denote one aspect of the goods/services exchanged like the quantity, quality, description,
transportation medium, inspection, indemnity etc. Hence, before engaging in an international
trade transaction it is important that both the seller and buyer possess necessary documents
to avoid the hassle of even a small error, which could prove extremely costly.

 International trade is the exchange of goods and services between countries.


 Still, some argue that international trade can actually be bad for smaller nations,
putting them at a greater disadvantage on the world stage.

5
ADVANTAGES OF INTERNATIONAL TRADE DOCUMENTAION

It improves the deliverability of your export shipments.

The export documents you create for your international shipments are used
throughout the export journey. Providing incorrect or incomplete information to your
freight forwarder and carrier can delay the shipment and delivery of your goods

It can also mean that your goods could get stopped by U.S. Customs and Border
Protection because they have questions about your shipment, or it could be stopped by
the customs authority in the country of import for the very same reason. Any of these
delays in transit postpone delivery and ultimately slow down when you get paid.

It improves the speed with which you get paid for your exports

Depending on the method of payment for your export sales, you may be required to
present certain export documents to your bank in order to get paid. If the documents you
present don't include the required information, or if the information on each document is
not consistent with each other (which happens more often than one would think), then the
bank may request clarification or require an amendment to a letter of credit, which takes
time and costs money

It reduces the time it takes to complete your export paperwork .

An average export shipment requires five export forms. If you are entering the same
information over and over again on the different documents, it can be a time-consuming
and tedious task. An export documentation software like Shipping Solutions allows you
to enter the information once, on one data-entry screen, and then copies the appropriate,
correctly formatted information in the appropriate spots on each export document.

In addition, because you can store your company, product and customer information in
the Shipping Solutions databases, you don't have to retype that information on every new

6
shipment. Simply select the appropriate contacts and products from a drop-down list. Not
only does that reduce the time it takes to complete your export forms by up to 80%, it
improves the accuracy of your paperwork

It ensures compliance with U.S. export regulations

Export compliance regulations don’t just apply to the big guys. Even the smallest U.S.
businesses that send their products to customers outside the country are subject to a
variety of export regulations and could face substantial penalties for violating these rules.

To help exporters understand their responsibilities regarding compliance, Shipping


Solutions Professional includes an Export Compliance Module that allows you to quickly
check all the contacts in your export shipment against more than 140 different
government denied party lists to ensure you aren't doing business with someone you
shouldn't be.

In addition, you can check to see if your product requires an export license before you
ship it to a particular country. And it will tell you which documents are typically required
for an export to a particular destination, so your shipment isn't delayed while they wait
for the correct paperwork.

It allows you to monitor your exports.

Instead of different locations or even different departments within a single location


generating their own homemade documents for their shipments, these two things ensure
you have one standardized set of documents that meet current export requirements and
the best practices of the U.S. export community.

In addition, you have a single place where all your export paperwork resides and where
you have proof of your export compliance efforts in case you ever get audited by the
Office of Export Enforcement, the FBI, or some other agency that has jurisdiction over
exports.

7
DISADVANTAGES OF INTERNATIONAL TRADE DOCUMENTATION

Exhaustion of Resources:
When a country has larger and continuous exports, her essential raw
materials and minerals may get exhausted, unless new resources
are tapped or developed

Diversification of Savings:
A high propensity to import may cause reduction in the domestic savings of a country.
This may adversely affect her rate of capital formation and the process of growth.

Over Interdependence:
Foreign trade discourages self-sufficiency and self-reliance in an economy. When
countries tend to be interdependent, their economic independence is jeopardised. For
instance, for these reasons, there is no free trade in the world. Each country puts some
restrictions on its foreign trade under its commercial and political policies.

Blow to Infant Industry:


Foreign competition may adversely affect new and developing infant industries at home.

IMPORTANCE OF EXPORTS

 Employment: Export growth has the potential to generate jobs. For example, the increase
in automobile exports has resulted in the creation of several jobs in the automotive
industry, such as at the Nissan factory in Chennai. Export jobs have traditionally been in
manufacturing industries, which have been a major source of full-time employment,
particularly in industrial areas. Exports have become increasingly diverse in recent years,
with a higher reliance on service sector-based exports such as computer programming.

 Economic growth: Exports are a part of overall demand (AD). Increased exports will aid
in the increase of AD and lead to increased economic growth. Export growth can have a
8
cascading effect on related ‘service industries.' For example, the success of automotive
exports in Chennai will assist the local economy, with greater spending supporting local
clubs and shops.

 Earning Foreign Exchange: The dollar is the world's most important currency now. It is
regarded as a reserve currency. This means that foreign transactions are conducted in either
dollars or gold. Oil and gold, for example, are only valued in terms of dollars or gold. As a
result, all countries require dollars to survive. The only way to make money is to export.
As a result, exports are regarded as critical to a country's financial stability.

 Contribution to GDP: The difference between imports and exports is known as net exports.
If the net exports statistic is positive, it increases the country's GDP. If the net exports
number is negative, however, it subtracts from the country's GDP. This is due to the fact
that commodities that are exported are also created locally. Exports obviously lead to a rise
in GDP because GDP only measures local production.

IMPORTANCE OF IMPORTS

 Reduces Domestic Shortages: No country in the world can meet all of its demands on its
own. Even highly developed countries like the United States, Japan, and Germany
require imports from other countries. A country buys goods for which there is a scarcity.
As a result, imports help to alleviate domestic shortages.

 Technologies Upgrades: Less developed nations (LDCs) face a difficulty with advanced
technology. LDCs have the ability to import technology from developed nations (DCs).
As a result, it can increase its economic development by importing technology.

 Lower Cost: A country will import things that are difficult and expensive to create
domestically. Prices will rise if it manufactures these things. As a result, imports aid in
the reduction of products prices.

9
 Employment: Imports generate employment. Direct employment in import sector.
Indirect employment in other sector of economy such as industry, where the imported
goods are used.

 Efficiency: Imports help to generate efficiency in the country. If there are no imports,
domestic (Indian) businessmen would be lazy and lethargic, and they will not make
good efforts to improve quality of goods. Because of imports. the domestic producers
will make good efforts to improve the quality of products and services so as to compete,
with the imported goods.

 Economic Development: Imports aid a country's economic development. This is


because a country may develop growth in all areas of the economy, including
agriculture, manufacturing, and the service sector, by importing capital goods and
technology.

 People's Level of Life: Imports can improve people's standard of living. This is because
individuals will be able to choose from a wider range of new and improved goods and
services. People can raise their standard of living by purchasing new and better sorts of
goods.

Advantages of Importing

When a product or a service is received from another country, it is considered as importing of


goods and services. If a company imports products or services from other countries, it will be
provided to the consumers of their region. When imported goods are made available to the
customers, there will be a variety of choices to choose from. Importing products from various
regions or countries will introduce new products to the people. If a world’s top clothing brand
is available in a particular country, when it is imported by a business organization, it will make
that brand available in that region too. So, it makes the customers enjoy the clothing of the
world’s top clothing brand. It is determined by the demand for the product in the region.

10
Importing goods helps in reducing the cost of the product. When four different parts of a
particular product are bought from four different regions and they are finally assembled in one
region, it will reduce the cost of that final product. Most businessman makes bulk orders and
they expect a proper rate for those products. It will finally lower the price of the product to a
remarkable extent. One of the major benefits of importing is, it allows the businessman in
becoming the market leader in their interested field. Manufacturing of new products will never
end in this busy world and hence there will be frequent trading and every company comes
forward to market their products before their competitors enter the queue. When an
entrepreneur decides to do importing, he will personally visit all the factories and industries that
he has decided to make importing, the gathers all the necessary information to make his
business a successful one. He gathers all the information from the manufacturer and knows all
the pros and cons of a product. He will then decide whether that product will increase the
demand in his region. If he decides it will create a great demand, he will then import that
product and provide it at the lower rate possible. He also ensures the quality of the product. A
businessman knows that the quality of a product will define the fate of the company.

Advantages of Exporting

Similar to importing, exporting also helps in business development. If importing lowers the
product’s cost whereas, export increases the product sale. Export expands the selling market to
the company. They will have a wider range of consumers around the world. Export gives global
recognition of the products. Instead of selling the products locally, export gives opportunities to
discover and make a place for their goods worldwide. Exporting works for medium and large-
scale businesses. Export orders from abroad will increase the profit for the organization. Orders
from abroad are relatively higher than the local orders. Businessmen abroad will focus on the
quality and quantity of the products. If the product is ordered in bulk, it will gain quick profit.
Customers local will buy few products and they are relatively very low compared with those
abroad orders. When the product is considered a unique and high-quality one, it will increase
the demand abroad. Quality is the major factor that every customer seeks for. No one will ever

11
like to buy low-quality products at a higher price. Quality plays a major role in increasing the
profit of the company through exports.

In recent times, exporting and importing seem highly beneficial for businessmen. They will
constantly look for an opportunity to make their mark on the global franchise. When the right
time comes, they will grab the chance and makes the best use of it. During exports, special
attention should be given to the quality of the product as it reflects the standard of the products
of the particular region. If few products lost their quality, it will make a name among the people
that all the products from a particular region are of low quality. They will not recommend the
product to others too. As already said, exports and imports not only benefit the businessman but
also have a major role in improving the economy of the nation.

12
CHAPTER – 2
SIGNIFICANCE IN USE
OF DOCUMENTS

13
2. SIGINIFANCE IN USE OF DOCUMENTS

One of the most crucial components of a successful international business


transaction is the accurate completion of required export documentation and
import documentation. Failure to produce such documentation can hinder the
dispatch of products by a manufacturer or supplier, and can ultimately impede
the timely receipt of goods by the customer. In more severe cases, business
owners can be subject to fines or incarceration for failing to comply with import
or export documentation requirements.
Businesses prefer importing and exporting because it is one of the simplest routes of
entering into the global trade. It requires less investment in terms of time
and money when contrasted with other methods of entering into the global trade. It
is comparatively less risky when compared with different routes of entering the
international business.

Significance of documentation in Exports and Imports


Commercial purpose:
Once the export order finalized between buyer and seller, normally a contract of
sales is prepared mentioning all terms and conditions each exporter and importer
should follow. So all related documents like invoice, packing list, certificate of
origin, insurance, bills of exchange etc. are prepared on the basis of sales contract
signed by both importer and exporter.

Legal perspectives:

14
In India, all import export trade activities are effected legally as per the
guidelines of Foreign Exchange Management Act. In each country, there will be
government regulatory authority to control the import and export of the said
country’s trade. The government of each country has their own instructions to
have export documentation legally must be filed.

Incentives
We cannot claim any government assistance, support unless you have a proper
documentation on your exports. There are many financial assistance and supports
given government of each country to support exporters and earn foreign
exchange which is the indication of wealth of the respective nation.

15
CHAPTER – 3
EXPORTS DOCUMENTS

16
Exports documents

Without a contractual document, an exporter is completely vulnerable to foreign exchange


risks, which arise from the possibility of a negative change in exchange rates. As a result, it is
critical for the exporter to understand foreign exchange rates, exchange rate quoting, and the
numerous factors that influence exchange rates. Separate documents were required for
exports from India depending on the type of commodity and the destination. Export
documents are used to certify taxes and quality control inspections, as well as provide
information about the product and its destination port.

Documents required for Exports Customs Clearance

 Documents related to Goods:


○ Proforma Invoice
○ Customs Packing List
○ Country of Origin or COO Certificate
○ Commercial Invoice
 Document related to Shipment:
○ Shipping Bill
○ Bill of Lading or Airway Bill
○ Bill of Sight
 Document related to Payment:
○ Letter of Credit
○ Bill of Exchange
 Document relating to Inspection
○ Export License
○ Warehouse Receipt
○ Health Certificates

17
Proforma Invoice

The proforma invoice is the first step in the export process. When the exporter receives a
trade inquiry from the importer, the exporter sends the importer a Proforma invoice.

The exporter's desire to sell a defined number of commodities or products is documented by


the Pro Forma Invoice. This invoice is prepared through a recognized channel of
communication such as email, fax, phone, or in person, in accordance with the defined terms
and conditions agreed upon between the exporter and the importer. It's similar to a 'Purchase
Order,' which is issued before the sale is completed.

The proforma invoice includes information such as the exporter's name and address, as well
as the importer's name and address and the intended importer's location, the nature of the
products, the mode of shipment, and the unit price, name of the country of origin of goods,
name of the country of origin of goods, name of the country of origin of goods, name of the
country of origin of goods, name of the country of the period required for contract execution
after receipt of contract in the country of a final destination confirmed order, and finally, the
exporter's signature

Customs Packing List

The customs packing list details the contents of the cargo, which can be compared to the pro
forma invoice by any party engaged in the transaction. This list is included with the foreign
shipment and is extremely useful for shipping firms because it lets them know exactly what is
being transported. Individual customs packing lists are kept outside each container to reduce
the danger of incorrect cargo being exported internationally.

Country of Origin or COO Certificate

18
The Country-of-Origin Certificate is a declaration provided by the exporter that validates that
the items being sent were obtained, produced, manufactured, or processed entirely in a
specific country. When the importing country has banned the entry of goods from particular
countries, this is vitally important to ensure that commodities from such countries are not
allowed to enter. This certificate is required by customs to allow preferential tariff treatment
when the goods arrive in the importer's country. Certain countries grant favourable tariff
treatment to Indian-made and imported goods. In this situation, the importer must have this
paperwork in order to claim favourable tariffs, and the importer demands it from the exporter.
This allows the importer's country to limit the concessional tariff to a few countries while
denying it to the rest.

A certificate of origin can be obtained from the Chamber of Commerce, the Export Promotion
Council, and numerous trade associations that have been authorized by the Indian government
to issue certificates of origin. The agency from whom the certificate of origin is obtained must
adhere to the letter of credit's terms.

Commercial Invoice

A commercial invoice is mandatory for any export trade. This document will be requested
first by the customs clearance department because it contains information about the order,
such as the description, selling price, quantity, packaging costs, weight or volume of the
goods to determine customs import value at the destination port, freight insurance, delivery,
and payment terms, and so on. A customs representative will compare this information to the
order and assess whether or not the order should be cleared for forwarding.

Apart from the processes of trade to be followed in respect of the importer's nation,
information about the particular invoice forms required can be obtained from the respective
Export Promotion Councils. Any authorized Chamber of Commerce can also offer this
information.

Shipping Bill

19
A shipping bill is a traditional report where the downside is asserted and primarily serves as a
measurable record. This can be done using a customized online software solution
(ICEGATE). The exporter will require the following documentation to acquire the shipping
bill:

 GR Forms for shipment to all the countries


 Packing list (with various details such as information about the content, quantity, the
gross and net weight of each package)
 Export License
 Indent
 Acceptance of Contract
 Invoices (with all relevant information such as the number of packages, quantity, price,
correct specification of goods, etc.)
 Purchase Order
 Letter of Credit
 AR4 and Invoice
 Examination or QC Certificate
 Port Trust document

Bill of Lading or Airway Bill

The carrier issues the shipper a bill of lading, which is a legal document. It serves as proof of
the contract for the transportation of goods and products, as specified in the carrier's bill. It
also contains product information such as type, amount, and the intended destination of the
products. At the port of destination, this bill can also be used as a shipment receipt, which
must be shown to a customs agent for clearance by the exporter. This is a must-have
document that should accompany the products and be duly signed by the authorized
representative from the carrier, shipper, and receiver, regardless of the mode of transit. If
there is any asset theft, the Bill of Lading comes in helpful.

Bill of Sight

20
If the receiver is unsure about the nature of the items being sent, a Bill of Sight is a
declaration submitted by the exporter to the customs authority. The Bill of Sight allows the
goods' receiver to inspect them before paying any necessary duties. Applying for a bill of
sight is vital because it serves as a backup document if the exporter lacks all of the required
information and documentation for a bill of entry. Along with the bill of sight, the exporter
must also present a letter authorizing customs clearance of the items.

Letter of Credit

Letter of credit is shared by the importer’s bank, stating that the importer will honour
payment to the exporter of the sum specified to complete the transaction. Depending on the
terms of payment between the exporter and importer, the order is dispatched only after the
exporter has this letter of credit.

Bill of Exchange

A bill of exchange is a type of alternative payment in which the importer clears payments for
products received from the exporter either immediately or at a later date. Promissory notes,
which can be drawn by banks or people, are comparable. A bill of exchange can even be
transferred by endorsement.

Export License

In order to export or forward any products, businesses must have an export license that they
may provide to customs. This is only required when the shipper is exporting products for the
first time to an international destination. Depending on the type of export you intend to make,
users may need a different license. This can be done by submitting an application to the
licensing authorities, and the Chief Controller of Exports and Imports will finally issue the
permit.

Warehouse Receipt

21
After the exporter has cleared all relevant export duties and freight charges after customs
clearance, a Warehouse Receipt is generated. This is only required when an ICD is involved.

Health Certificates

A Health Certificate is required only when food products of animal or non-animal origin are
involved in international trade. The document confirms that the food in the shipment is fit for
human consumption and has been examined to ensure that it meets all safety, laws, and
requirements before being exported. This certificate is issued by authorized governmental
organizations in the country of origin of the shipment.

22
CHAPTER – 4
IMPORTS DOCUMENTS

23
Import Documents
Documents required for the Import custom clearance are:

 Bill of Entry
 Commercial Invoice
 Bill of Lading or Airway Bill
 Import License
 Certificate of Insurance
 Letter of Credit or LC
 Technical Write-up or Literature (Only required for specific goods)
 Industrial License (for specific goods)
 Test Report (If any)
 RCMC Registration cum Membership Certificate
 GATT/DGFT declaration
 DEEC/DEPB/ECGC License for duty benefits

Bill of entry

A bill of entry is a legal document that an importer/CHA/carrier must fill up and sign. After
the filing of a bill of entry and other required documentation, the items are assessed and
examined by the appropriate authorities. An importer can claim ITC on products once the
process is completed.

Commercial Invoice

This document will be requested first by the customs clearance department because it
contains information about the order, such as the description, selling price, quantity,
packaging costs, weight or volume of the goods to determine customs import value at the
24
destination port, freight insurance, delivery, and payment terms, and so on. A customs
representative will compare this information to the order and assess whether or not the order
should be cleared for forwarding.

Bill of Lading or Airway Bill

A bill of lading is a document that acknowledges the receipt of cargo on board and is issued
by the shipping company or its agent. The shipping business is obligated to deliver the items
in the same order and condition as they were received to the consignee or his agent upon
receipt of freight.

Import License

Certain things cannot be freely imported into India; an import license is a government-issued
permit to carry out import activities for prohibited goods. To receive the benefits, an
application must be submitted to the licensing authorities.

Certificate of Insurance

An Insurance Certificate is a document required for customs clearance when importing


goods. This certificate aids authorities in determining whether or not the sale price includes
insurance for the shipment. It also helps in examining the precise value, which determines
the import duty aggregate.

Letter of Credit or LC

Letter of credit is shared by the importer’s bank, stating that the importer will honour
payment to the exporter of the sum specified to complete the transaction. Depending on the
terms of payment between the exporter and importer, the order is dispatched only after the
exporter has this letter of credit.

Technical Write-up or Literature (Only required for specific goods)

A Technical Write-up is a document that is only necessary for certain products. It outlines
the product's features and uses, which is usually done to facilitate the management of items.

25
This helps authorities in properly defining the product and understanding the value-added
cost associated with it.

Industrial License (for specific goods)Importing certain commodities may necessitate an


industrial license. If an importer wants to take advantage of any import tariff benefits, an
industrial license can be used as proof. A copy of the industrial license is also one of the
customs clearance documents required for importing the products in this situation.

RCMC Registration cum Membership Certificate

The Export Promotion Councils of India issue the RCMC certificate. If an exporter or
importer wants to take advantage of any of the FTP or EPC-governed schemes, he must also
present his RCMC at the time of customs clearance.

GATT/DGFT declaration

While completing customs clearance processes for imports, the importer must file a GATT
and DGFT declaration. It must be filed in accordance with the requirements of the General
Agreement on Tariffs and Trade. Some of the prerequisites for filing this document are listed
below:

 Customs Valuation for imported goods subject to duties & Taxes.


 Three copies of the declaration to be maintained
 two copies are for customs administration and one copy is for the declarant
 The Form should be kept with the detailed customs declaration for a period of 3 years
 The declarant is obliged to accurately and fully fill the form in detail.

26
CHAPTER – 5
SAMPLE DOCUMENTS

27
PROFORMA INVOICE

Commercial Invoice

28
Packaging List

29
Certificates of origin
30
Certificate of Free Sale
31
Shipper’s Letter of Instruction
32
An inland bill of lading

33
Ocean Bill of Landing
34
Air Waybill
35
36
CHAPTER – 6
LEARNING OUTCOMES

6. Conclusion

37
Documentation is a critical aspect of the export-import business. Many documents are
developed and presented to ensure the smooth transit of commodities from one country to
another. The most complicated and difficult aspect of international marketing is widely
regarded as export documentation

The procedure for import and export activities involves ensuring licensing and compliance
before the shipping of goods, arranging for transport and warehousing after the unloading of
goods, and getting customs clearance as well as paying taxes before the release of goods.

The Export Management practices followed by a export import company are


worth mentioning. It is realized that the prime objective of the export business is to provide
secure export orders and to ensure timely shipment of goods as per the prescribed norms of
the customer. The exports in India have many export promotion schemes and incentives by
the Government.

38

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