Export documentation and procedures upon prevalent statutes/ amendments and country-specific requirements related to exporting from India are explained in this post. Definition of export: Export means selling goods or services by a person or a company of one country to a buyer in another country. The supplies made to IBRD/IDA/ADB aided projects are termed as…
As per DGFT Notification dated March 12, 2015, Indian exporters and importers require the following three mandatory documents in foreign trade. MANDATORY DOCUMENTS IN INDIA FOR EXPORT & IMPORT Sr.No Export Import 1 Bill of Lading/ Airway Bill Bill of Lading/ Airway Bill 2 Commercial Invoice cum Packing List Commercial Invoice cum Packing List 3…
In the year 2015, the World Bank ranked India at 123 in the ‘Trading across Borders” component of “Ease of Doing Business”, out of 189 countries. In view of facilitating ease of doing business in our country, the Government of India simplified the mandatory documents for exports and imports. The DGFT’s Notification dated 12-3-2015, made…
Labeling is an important element for products for exporting/importing a container out of/into the country. Primarily, labeling is the technique of identifying the cargo during the operation till the cargo touches the importer’s doorstep. The label on the consignment also gives information about how the package or product should be used. Labeling on the product…
Handling import documents is a sensitive job. In the past, there were several instances of remittances made by the banks on behalf of unscrupulous persons who have submitted fake import bills for the purpose of siphoning out the country’s foreign exchange. The risk of fake import bills is highest for import bills received on a…
In India, over 90% of Treasury operations, in the forex (foreign exchange) market are between the banks. The inter-bank foreign currency operations are taking place for two purposes namely (i). Buying and selling foreign currency on behalf of their customers as an intermediary. (ii). Proprietary trading (buying and selling currencies on its own account) with…
The Reserve Bank of India (RBI) on Wednesday has signed its renewed Statement of Commitment (SoC) to the FX Global Code (“Code”). The FX Global Code (Code) is a compilation of best market practices, formulated by Central Banks and market participants, developed under the auspices of Bank for International Settlements (BIS), Basel. The Code sets…
Reserve Bank of India on Monday said it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR. All Category-I Authorised Dealer (AD) banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai, before putting in place…
RBI today announced several measures in order to enhance forex inflows to the country while ensuring overall macroeconomic and financial stability. “The global outlook is clouded by recession risks. Consequently, high-risk aversion has gripped financial markets, producing surges of volatility, sell-offs of risk assets, and large spillovers, including flights to safety and safe-haven demand for…
[Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA)] RBI notified agencies in case of banks and nominated agencies as notified by DGFT, and the Qualified Jewellers (QJ) as notified by International Financial Services Centers Authority (IFSCA) are currently permitted to import gold under specific…