Question:
Discuss the formalities involved in getting an export license.
Answer:
Before exporting goods, it is mandatory for exporters and export firms to fulfill the legal formalities, including securing an export license. The following are the formalities to obtain an export license.
- Bank account number: An exporter must open an account in a bank authorised by the Reserve Bank of India and get an account number.
- IEC code: An export firm must obtain an IEC (Importer Exporter Code) from the Directorate General for Foreign Trade (DGFT) or the Regional Import Export Licensing Authority by submitting documents such as the exporter's profile, prescribed certificates, two attested photographs and details of non-resident interest.
- Registration-cum-membership certificate: An export firm should get itself registered with the appropriate Export Promotion Council, such as the Engineering
Export Promotion Council (EEPC) and the Apparel Export Promotion Council (AEPC), and obtain a Registration-Cum-Membership Certificate (RCMC).
- Registration with ECGC: An export firm must also get itself registered with the ECGC (Export Credit and Guarantee Corporation) in order to protect itself from any uncertainties in payments brought upon by political or commercial risks.
International Business II
Q 1.
List various affiliated bodies of World Bank.
Q 2.
Name any two WTO Agreements.
Q 3.
Discuss the process involved in securing for exports.
Q 4.
What is Advance License Scheme?
Q 5.
Explain the meaning of the following documents used in connection with import transactions
- Trade enquiry,
- Import license,
- Shipment of advice,
- Import general manifest,
- Bill of entry.
Q 6.
What was the objective of MIGA?
Q 7.
What is Shipping Bill?
Q 8.
Name the most important document of export.
Q 9.
Write short notes on the following:
- UNCTAD
- MIGA
- World Bank
- ITPO
- IMF
Q 10.
Write a detailed note on features, structure, objectives and functioning of WTO.
Q 11.
List out major affiliated bodies of the World Bank.
Q 12.
What is the main objective of WTO?
Q 13.
Why is export promotion necessary?
Q 14.
How many Export Promotion Councils are there in India?
Q 15.
Define Export Processing Zones.
Q 16.
Name the most important document used in import.
Q 17.
What is pre-shipment finance?
Q 18.
When was State Trading Corporation established?
Q 19.
Explain briefly the process of customs clearance of export goods.
Q 20.
Discuss the principal documents used in exporting.
Q 21.
Why is it necessary for an export firm to go in for pre-shipment inspection?
Q 22.
Explain the term FOB.
Q 23.
Santa Cruz is famous for which exclusive items?
Q 24.
Write short note on Indent House and Dock Challan.
Q 25.
Write the full form of ICSID.
Q 26.
What is a Letter of Credit? Why does an exporter need this document?
Q 27.
Why did WTO establish? What are its objectives?
Q 28.
Give full form of EPZ and SEZ.
Q 29.
Explain the meaning of Mate's Receipt.
Q 30.
Discuss the formalities involved in getting an export license.
Q 31.
List and explain various incentives and schemes that the government has evolved for promoting the country's foreign trade.
Q 32.
Who is a clearing agent?
Q 33.
Explain the steps of export procedure.
Q 34.
When was IIFT formed?
Q 35.
Explain different organizations involved in export promotion or facilitating foreign trade.
Q 36.
Why is it necessary to get registered with an Export Promotion Council?
Q 37.
What is IMF? Discuss its .various objectives and functions.
Q 38.
How many Commodity Boards are there in India?
Q 39.
Your firm is planning to import textile machinery from Canada. Describe the procedure involved in importing.
Q 40.
Name the certificate which is used for ensuring timely payment.
Q 41.
How many regional and international offices does ITPO have?
Q 42.
Which agency of World Bank provides loan to private sector of developing countries?
Q 43.
Define Mate's Receipt.
Q 44.
Discuss the principal documents used in exporting.
Q 45.
Explain the term FOB.
Q 46.
What is the purpose of pre-shipment finance?
Q 47.
Discuss the process involved in securing for exports.
Q 48.
Write the full form of DTA.
Q 49.
Who is a clearing agent?
Q 50.
Which certificate is necessary to prove that goods are produced in the home country itself ?
