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.
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.
What is Advance License Scheme?
Q 5.
What is Shipping Bill?
Q 6.
Discuss the process involved in securing for exports.
Q 7.
Name the most important document of export.
Q 8.
What was the objective of MIGA?
Q 9.
List out major affiliated bodies of the World Bank.
Q 10.
Write short notes on the following:
- UNCTAD
- MIGA
- World Bank
- ITPO
- IMF
Q 11.
Write a detailed note on features, structure, objectives and functioning of WTO.
Q 12.
What is the main objective of WTO?
Q 13.
How many Export Promotion Councils are there in India?
Q 14.
Define Export Processing Zones.
Q 15.
Why is export promotion necessary?
Q 16.
Name the most important document used in import.
Q 17.
Why is it necessary for an export firm to go in for pre-shipment inspection?
Q 18.
What is pre-shipment finance?
Q 19.
When was State Trading Corporation established?
Q 20.
Discuss the principal documents used in exporting.
Q 21.
Santa Cruz is famous for which exclusive items?
Q 22.
Explain briefly the process of customs clearance of export goods.
Q 23.
How many regional and international offices does ITPO have?
Q 24.
Give full form of EPZ and SEZ.
Q 25.
Explain the term FOB.
Q 26.
Your firm is planning to import textile machinery from Canada. Describe the procedure involved in importing.
Q 27.
Write the full form of ICSID.
Q 28.
Write short note on Indent House and Dock Challan.
Q 29.
Explain different organizations involved in export promotion or facilitating foreign trade.
Q 30.
Why is it necessary to get registered with an Export Promotion Council?
Q 31.
What is IMF? Discuss its .various objectives and functions.
Q 32.
Who is a clearing agent?
Q 33.
How many Commodity Boards are there in India?
Q 34.
Name the certificate which is used for ensuring timely payment.
Q 35.
Discuss the formalities involved in getting an export license.
Q 36.
When was IIFT formed?
Q 37.
Which agency of World Bank provides loan to private sector of developing countries?
Q 38.
What is Performa Invoice?
Q 39.
What is IEC number?
Q 40.
List and explain various incentives and schemes that the government has evolved for promoting the country's foreign trade.
Q 41.
Explain the meaning of Mate's Receipt.
Q 42.
Explain the steps of export procedure.
Q 43.
Define Mate's Receipt.
Q 44.
Write the full form of DTA.
Q 45.
What is Bill of Lading? How does it differ from bill of entry?
Q 46.
Explain the term FOB.
Q 47.
What is the purpose of pre-shipment finance?
Q 48.
Why did WTO establish? What are its objectives?
Q 49.
What is World Bank? Discuss its various objectives and role of its affiliated agencies.
Q 50.
Discuss the process involved in securing for exports.
