Export Documentation Procedure
SUBMITTED BY-
ANIL KUMAR YADAV
MFM-III, NIFT-Gandhinagar
ASSIGNMENT 1 LEGAL ENVIRONMENT FOR BUSINESS
SUBMITTED TO-
MS NUPUR CHOPRA
EXPORT DOCUMENTATION PROCEDURE
It is important that a person engaged in international trade be aware of the various procedures involved. The business of export is heavily document-oriented and one must get acquainted with the entire procedure. Failure to comply with documentary requirement may lead to financial loss.
There is some process in export house:
Registration Stages:
The exporter is required -to register his organisation with a number of institutions and authorities, which directly or indirectly help him in the smooth conduct of export, trade.
It includes: A. Registration of the Organisation: The form of organisation selected by the exporter must. Be registered under the appropriate Act of. the country. * A joint stock company under the Companies Act, 1956.; * A partnership firm under the Indian Partnership Act, 1932.; * A sale trader should seek permission from the local authorities, as required.
B. Opening-Bank Account: The exporter should open a current account in the name of the firm or company with a commercial bank which is authorized by the Reserve Bank of India (RBI) to deal in foreign exchange. Such bank also serves as a source of pre-shipment and post-shipment finance for the exporter. C. Obtaining Importer-Exporter Code Number (lEC No): Prior to 1.1.1997, it was obligatory for every exporter to obtain CNX number from the RBI. However, since then, IEC number issued by the Director General for Foreign Trade (DGFT) has replaced the CNX number. The application form for obtaining IEC number should be accompanied by fee of Rs. 1000. D. Obtaining Permanent Account Number- (PAN): Export income is subject to a number of exemptions and deductions under different sections of the Income Tax Act. For claiming such exemptions
ANIL KUMAR YADAV
MFM-III, NIFT-Gandhinagar
ASSIGNMENT 1 LEGAL ENVIRONMENT FOR BUSINESS
SUBMITTED TO-
MS NUPUR CHOPRA
EXPORT DOCUMENTATION PROCEDURE
It is important that a person engaged in international trade be aware of the various procedures involved. The business of export is heavily document-oriented and one must get acquainted with the entire procedure. Failure to comply with documentary requirement may lead to financial loss.
There is some process in export house:
Registration Stages:
The exporter is required -to register his organisation with a number of institutions and authorities, which directly or indirectly help him in the smooth conduct of export, trade.
It includes: A. Registration of the Organisation: The form of organisation selected by the exporter must. Be registered under the appropriate Act of. the country. * A joint stock company under the Companies Act, 1956.; * A partnership firm under the Indian Partnership Act, 1932.; * A sale trader should seek permission from the local authorities, as required.
B. Opening-Bank Account: The exporter should open a current account in the name of the firm or company with a commercial bank which is authorized by the Reserve Bank of India (RBI) to deal in foreign exchange. Such bank also serves as a source of pre-shipment and post-shipment finance for the exporter. C. Obtaining Importer-Exporter Code Number (lEC No): Prior to 1.1.1997, it was obligatory for every exporter to obtain CNX number from the RBI. However, since then, IEC number issued by the Director General for Foreign Trade (DGFT) has replaced the CNX number. The application form for obtaining IEC number should be accompanied by fee of Rs. 1000. D. Obtaining Permanent Account Number- (PAN): Export income is subject to a number of exemptions and deductions under different sections of the Income Tax Act. For claiming such exemptions