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.
Write a detailed note on features, structure, objectives and functioning of WTO.
Q 4.
What is Advance License Scheme?
Q 5.
Discuss the process involved in securing for exports.
Q 6.
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 7.
When was State Trading Corporation established?
Q 8.
What is Shipping Bill?
Q 9.
Name the most important document of export.
Q 10.
What was the objective of MIGA?
Q 11.
How many Export Promotion Councils are there in India?
Q 12.
What is the main objective of WTO?
Q 13.
Name the most important document used in import.
Q 14.
Define Mate's Receipt.
Q 15.
Why is it necessary for an export firm to go in for pre-shipment inspection?
Q 16.
Why is export promotion necessary?
Q 17.
List out major affiliated bodies of the World Bank.
Q 18.
Which certificate is necessary to prove that goods are produced in the home country itself ?
Q 19.
Define Export Processing Zones.
Q 20.
Write the full form of ICSID.
Q 21.
When was IIFT formed?
Q 22.
Write short notes on the following:
- UNCTAD
- MIGA
- World Bank
- ITPO
- IMF
Q 23.
Give full form of EPZ and SEZ.
Q 24.
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 25.
Santa Cruz is famous for which exclusive items?
Q 26.
What is pre-shipment finance?
Q 27.
List and explain various incentives and schemes that the government has evolved for promoting the country's foreign trade.
Q 28.
Identify various organizations that have been set up in the country by the government for promoting country's foreign trade.
Q 29.
Write the full form of DTA.
Q 30.
What is IEC number?
Q 31.
How many regional and international offices does ITPO have?
Q 32.
What is World Bank? Discuss its various objectives and role of its affiliated agencies.
Q 33.
Name the certificate which is used for ensuring timely payment.
Q 34.
How many Commodity Boards are there in India?
Q 35.
Explain the steps of export procedure.
Q 36.
Explain briefly the process of customs clearance of export goods.
Q 37.
Explain the term FOB.
Q 38.
What is a Letter of Credit? Why does an exporter need this document?
Q 39.
Explain the term FOB.
Q 40.
What is IMF? Discuss its .various objectives and functions.
Q 41.
Why is it necessary to get registered with an Export Promotion Council?
Q 42.
Who is a clearing agent?
Q 43.
Which agency of World Bank provides loan to private sector of developing countries?
Q 44.
What is the purpose of pre-shipment finance?
Q 45.
Who is a clearing agent?
Q 46.
Discuss the procedure related to excise clearance of goods.
Q 47.
Discuss the formalities involved in getting an export license.
Q 48.
Discuss the process involved in securing for exports.
Q 49.
What is Performa Invoice?
Q 50.
Your firm is planning to import textile machinery from Canada. Describe the procedure involved in importing.
