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