Question:
Explain the steps of export procedure.
Answer:
Export procedure: Imports and Exports (control) Act, 1947 regulates exports of goods from India. The Central Government announces rules, policies, procedures and incentives for exports from time to time. The procedure of export of goods from India is guided by these rules and regulations of the Government of India. But, in general, an export transaction has to pass through the following stages:
- Receiving enquiries and sending quotations: The exporter receives order from importer and sends quotations for goods.
- Receiving of Order or Indent: The order is received for export of goods containing instructions regarding goods, price, quality, quantity etc.
- Credit enquiry or obtaining Letter of Credit: The credit worthiness of the importer is verified.
- Obtaining Export License and Quota: The exporter of goods gets a license under Import and Export Control Act for sending the goods.
- Compliance with Foreign Exchange Regulations: The exporter gives an undertaking to comply with foreign exchange regulations and deposit the exchange with Reserve Bank of India on receipt of price.
- Fixing the Exchange Rate: The exchange rate is fixed on which the price is to be received.
- Obtaining the Shipping Order: The exporter takes steps in regard to packing and marketing of goods. Packing is done as per the instructions of the indent.
- Preparation of Invoice and Consular Invoice: After completing other formalities the exporter prepares the invoice. The invoice contains details such as name of ship, destination, packing marks, etc.
- Obtaining Customs Permit: Some customs formalities are observed before goods leave the country. Custom authorities clear the goods after getting export duties.
- Paying Dock Dues: Dock dues are paid to dock authorities.
- Shipping of Goods: Before the goods are actually loaded custom officials verify the goods and their quantity.
- Mate's Receipt: A receipt for the goods is issued by captain of the ship or his assistant acknowledging the receipt of goods.
- Bill of Lading: It is a memorandum signed by master of ship acknowledging the receipt of exporter's goods.
- Effecting Insurance: An insurance policy is obtained to safeguard the goods against the peril of the seas.
- Certificate of Origin: Some importing countries require a certificate of origin for goods. This certificate is issued by the designate authorities of the country.
- Securing Payment: The exporter will secure payment for the exports.
- Obtaining Various Export Incentives: The exporter may be allowed some incentives by the government and these are received after completing the process of export.
International Business II
Q 1.
List various affiliated bodies of World Bank.
Q 2.
Name any two WTO Agreements.
Q 3.
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 4.
Discuss the process involved in securing for exports.
Q 5.
What is Advance License Scheme?
Q 6.
What was the objective of MIGA?
Q 7.
What is Shipping Bill?
Q 8.
Name the most important document used in import.
Q 9.
Name the most important document of export.
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.
Write short notes on the following:
- UNCTAD
- MIGA
- World Bank
- ITPO
- IMF
Q 13.
How many Export Promotion Councils are there in India?
Q 14.
What is the main objective of WTO?
Q 15.
When was State Trading Corporation established?
Q 16.
Why is export promotion necessary?
Q 17.
Define Export Processing Zones.
Q 18.
What is pre-shipment finance?
Q 19.
Explain the meaning of Mate's Receipt.
Q 20.
Why is it necessary for an export firm to go in for pre-shipment inspection?
Q 21.
Explain briefly the process of customs clearance of export goods.
Q 22.
Santa Cruz is famous for which exclusive items?
Q 23.
Explain the term FOB.
Q 24.
Write short note on Indent House and Dock Challan.
Q 25.
Write the full form of ICSID.
Q 26.
Explain different organizations involved in export promotion or facilitating foreign trade.
Q 27.
Discuss the principal documents used in exporting.
Q 28.
What is a Letter of Credit? Why does an exporter need this document?
Q 29.
Why did WTO establish? What are its objectives?
Q 30.
List and explain various incentives and schemes that the government has evolved for promoting the country's foreign trade.
Q 31.
Name the certificate which is used for ensuring timely payment.
Q 32.
Discuss the formalities involved in getting an export license.
Q 33.
Which agency of World Bank provides loan to private sector of developing countries?
Q 34.
Discuss the principal documents used in exporting.
Q 35.
Who is a clearing agent?
Q 36.
Explain the steps of export procedure.
Q 37.
What is Performa Invoice?
Q 38.
When was IIFT formed?
Q 39.
What is IEC number?
Q 40.
Explain the term FOB.
Q 41.
What is Bill of Lading? How does it differ from bill of entry?
Q 42.
How many regional and international offices does ITPO have?
Q 43.
What is IMF? Discuss its .various objectives and functions.
Q 44.
What is World Bank? Discuss its various objectives and role of its affiliated agencies.
Q 45.
Who is a clearing agent?
Q 46.
Define Mate's Receipt.
Q 47.
What is the purpose of pre-shipment finance?
Q 48.
How many Commodity Boards are there in India?
Q 49.
Rekha Garments has received an order to export 2000 men's trousers to Swift Imports Ltd. located in Australia. Discuss the procedure that Rekha Garments would need to go through for executing the export order.
Q 50.
Give full form of EPZ and SEZ.
