Question:
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.
Answer:
- Trade Enquiry: It refers to a document sent by an importer to an exporter, seeking information about the price of goods, terms and conditions for supply of goods, etc.. On receipt of a trade enquiry, the exporter prepares a quotation containing the information sought, and sends it to the importer.
- Import License: An import license is issued by the Government, permitting an importer to bring in goods from outside the country. In India, for securing an import license, an importer requires an IEC (Importer Expert Code) number, which is obtained after the importer's registration with the Directorate General for Foreign Trade (DGFT) or the Regional Import Export Licensing Authority.
- Shipment Advice: Shipment Advice is a document sent by an exporter to an importer as proof that the goods ordered have been shipped. It contains information about the bill of lading, name of the vessel, date, port of export, description of goods, etc.
- Import General Manifest: It is issued by the person in charge of the carrier (ship or airliner) in which the goods are being imported. The document informs the officer
in charge at the dock or the airport about the arrival of the goods, and it is on the basis of this document that the cargo will be unloaded.
- Bill of Entry: Bill of Entry is a form supplied by the customs office and filled in by the importer at the time the goods are received. It contains information such as the name and address of the importer, name of the ship in which the goods were transported and number of packages. The importer fills in the bill form and returns it to the customs office.
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.
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 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 of export.
Q 9.
Write a detailed note on features, structure, objectives and functioning of WTO.
Q 10.
Write short notes on the following:
- UNCTAD
- MIGA
- World Bank
- ITPO
- IMF
Q 11.
List out major affiliated bodies of the World Bank.
Q 12.
How many Export Promotion Councils are there in India?
Q 13.
Name the most important document used in import.
Q 14.
What is the main objective of WTO?
Q 15.
Why is export promotion necessary?
Q 16.
When was State Trading Corporation established?
Q 17.
Define Export Processing Zones.
Q 18.
What is pre-shipment finance?
Q 19.
Why is it necessary for an export firm to go in for pre-shipment inspection?
Q 20.
Explain briefly the process of customs clearance of export goods.
Q 21.
Explain the term FOB.
Q 22.
Santa Cruz is famous for which exclusive items?
Q 23.
Discuss the principal documents used in exporting.
Q 24.
Explain the meaning of Mate's Receipt.
Q 25.
Write the full form of ICSID.
Q 26.
Write short note on Indent House and Dock Challan.
Q 27.
Why did WTO establish? What are its objectives?
Q 28.
Discuss the formalities involved in getting an export license.
Q 29.
List and explain various incentives and schemes that the government has evolved for promoting the country's foreign trade.
Q 30.
Give full form of EPZ and SEZ.
Q 31.
What is a Letter of Credit? Why does an exporter need this document?
Q 32.
Explain different organizations involved in export promotion or facilitating foreign trade.
Q 33.
Explain the steps of export procedure.
Q 34.
Discuss the principal documents used in exporting.
Q 35.
What is IMF? Discuss its .various objectives and functions.
Q 36.
Who is a clearing agent?
Q 37.
Why is it necessary to get registered with an Export Promotion Council?
Q 38.
Your firm is planning to import textile machinery from Canada. Describe the procedure involved in importing.
Q 39.
Name the certificate which is used for ensuring timely payment.
Q 40.
What is the purpose of pre-shipment finance?
Q 41.
How many Commodity Boards are there in India?
Q 42.
How many regional and international offices does ITPO have?
Q 43.
Which agency of World Bank provides loan to private sector of developing countries?
Q 44.
Which certificate is necessary to prove that goods are produced in the home country itself ?
Q 45.
Who is a clearing agent?
Q 46.
Write the full form of DTA.
Q 47.
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 48.
When was IIFT formed?
Q 49.
What is IEC number?
Q 50.
Discuss the procedure related to excise clearance of goods.
