Introduction of copper scrap
Thousands of merchants and business people aspire to start an import business. Importing, like exporting, can be a very profitable business if an importer follows the right strategies. The importer's experience and understanding of the international market, as well as global market research, is crucial to the importer's long-term success and profitability.
Copper scrap import license, Importing products from other countries has been a major business in recent years. Anything from alcohol to automobiles—along with a seemingly endless list of other items that one might never have imagined—has now become a part of the global import. On a regular basis, millions of goods are purchased, marketed, represented, and distributed everywhere in the world.
Reasons for Why Import business?
There are a variety of reasons for the rapid growth of the import industry and services:-
Availability: An person, a company, or an importer can need to import certain products that he or she cannot develop or produce in his or her home country. We can take few example like Bananas in Alaska, Mahogany Lumber in Maine.
Cachet: Imported products, such as caviar and champagne, have more cachet and "pic" than those made in the United States. We can take few examples like Scandinavian furniture, German beer, and French perfume. When it comes from a faraway place, everything seems to be more refined.
Price: The price of a commodity is also a significant factor in its importation. Some goods are less expensive when they are imported from another country. We can take some examples in this like Taiwanese electronics, Korean toys, and Mexican clothes.
Complete registration for our importers
Importing products necessitates the registration of the importer. Unless the importer obtains an IEC Number from the issuing authority, Customs would not allow products to be cleared. The DGFT issues IEC numbers, or Importers Exporters Codes, in India.
Online application process
The online form was created to ensure that all necessary information was entered by prompting the user if a field was left vacant. In Applicants application, applicants must needed scanned copies of their PAN and bank certificate of deposits.
This this two ways to pay the bill.
If the fee is charged by Demand Draft, the IEC will be issued only after the physical copy of the application is received.
If the IEC application fee is paid using the Electronic Fund Transfer facility, the licencing office will automatically produce an IEC number, which can be accessed electronically by the applicant.
IEC form guidelines
1. Both applications must be sent in duplicate in the specified form, with a bank receipt/demand draught evidencing payment of the fee.
The application form should be typed in bold letters and neatly typed. Forms that are written by hand are also approved.
The signature of the approved individual with an ink pen must appear on each page of the document.
If possible provide supporting documents duplicate copy, self attested as specified earlier in this chapter must be enclosed wherever applicable.
Just fill in the fields that are appropriate to the applicant, and the remaining fields may be marked as 'Not Applicable.'
Two passport size applicant’s photo must be sent by the applicant’s banker.
Modifications to the applicant's personal information should also be included on this form by filling out the appropriate sections.
We will tell you guidelines and rules for importers
The some documents, published by the Ministry of Commerce, Government of India, and that are updated from time to time, we tell you here some various rules and guidelines applicable to various products and categories of importers:
1997-2002 Import-Export Scheme, as revised up to 31.03.1999
Procedures Handbook
Norms for Normal Input and Output, 1997-2002.
Import and export items are classified using the ITC (HS) classification system.
Policy of export import (1997-2002)
Export-Import Policy same for plastic scrap license, is a set of rules and instructions that govern the import and export of products. Under Section 5 of the Foreign Trade (Development and Regulation Act), 1992, the Government of India announces the Policy for a five-year term (1997-2002). The new strategy is valid from 2002 to 2007. Every year on March 31st, the Export-Import Policy is revised, and the changes, enhancements, and new schemes go into effect on April 1st. Any changes or revisions to the Policy are normally announced by the Union Minister of Commerce and Industry, who works closely with the Ministry of Finance.
Where is Import License Issuing Authority?
In India, Import License is issued by the Director General of Foreign Trade. DGFT Delhi office is situated in Udyog Bhawan, New Delhi 110011.
What is the validity of import license
Import license validity for capital products for 24 months and 18 months for raw material parts.
Some sample of import license
Two copies of an import licence are common in a sample.
Foreign Exchange Control Copy: This copy is used to send money to a foreign seller or to open a letter of credit.
Customs Copy: To be shown to Customs authorities in order for them to clear the merchandise. In the absence of a customs copy, the import would be considered illegal and subject to confiscation and/or penalty.
Importer’s category
Importers are divided into three classes for the purpose of receiving import licences based on the commodity to be imported and the intended buyer:
Actual Users- An actual user is someone who asks for and receives permission to import something for personal use rather than company or trade.
Registered exporters are those who have a valid registration certificate issued by an export promotion committee, product board, or other government-appointed registered authority for the purpose of export promotion.
There are a few more.
The following are the two categories of real consumer licences:
General Licenses: With the exception of countries where imports are forbidden, this licence may be used to import goods from any country.
Unique Licenses: This licence is only valid for imports from one country.
Imports category
The following four sections cover all types of manufactured goods:
Things that are freely importable: This group includes the majority of capital goods. Import licences are not needed for any product designated as a Freely Importable Item.
Export Licenses: There are a range of products that can only be imported with a warrant. This category includes consumer goods, precious and semi-precious stones, safety and defence devices, crops, plants, and animals, some insecticides, pharmaceuticals, and chemicals, some electronic objects, some items reserved for small-scale industry production, and 17 miscellaneous or special-category items.
Certain canalised products can only be imported into India through certain channels or government agencies. Petroleum products (exclusively imported by the Indian Oil Company), nitrogenous phosphatic, potassium, and complex chemical fertilisers (exclusively imported by the Minerals and Metals Trading Corporation), vitamin-A drugs (exclusively imported by the State Trading Corporation), oils and seeds (exclusively imported by the State Trading Corporation and Hindustan Vegetable Oils), and cereals (exclusively imported by the State Trading Corporation and Hindustan Vegetable Oils) (by the Food Corporation of India).
Tallow fat, animal rennet, wild animals, and unprocessed ivory are the only four items that cannot be imported.
Do’s in Import
1. Only allow customers to open LC or import transactions, and only if the party has a sanction cap.
2. Enable restricted products to be imported according to the Corpseed Policy's procedures.
3. Just give import documents to the drawee or his PA holder after the property has been acknowledged.
4. Allow customers to pay for imports by debiting their accounts.
5. If you want to pay of the bills the time period is 6 month payment of overdue interest on sight bills for a period not considerable 6 months.
6. Enable local agents to be paid on a commission basis. Enable commission as per FEMA guidelines in the case of an overseas agent.
7. Check the imported products against the LC.
8. Only on the basis of a written order, make changes to the LC.
Don’t in import
1. If the customer does not have an IEC number, issue a Letter of Credit.
2. Without proper transportation records, open LC.
3. Allow payment in advance without proper documentation.
4. Without the importer's permission, submit the documents to a third party.
5. Restricted items without import license.
6. Allow direct remittance of import bills that surpass the limit and do not
require a copy of the bill of entry from the European Commission.
7. No safety clause in an open rotating LC.
8. Amendments to the Letter of Credit for the importation of limited or prohibited goods.
9. Enable import documents to be charged without verification of the importer's line of business or financial status.
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