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.
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.
Santa Cruz is famous for which exclusive items?
Q 23.
Explain the term FOB.
Q 24.
Your firm is planning to import textile machinery from Canada. Describe the procedure involved in importing.
Q 25.
Give full form of EPZ and SEZ.
Q 26.
Who is a clearing agent?
Q 27.
How many regional and international offices does ITPO have?
Q 28.
Discuss the formalities involved in getting an export license.
Q 29.
Explain different organizations involved in export promotion or facilitating foreign trade.
Q 30.
Write the full form of ICSID.
Q 31.
Write short note on Indent House and Dock Challan.
Q 32.
What is IMF? Discuss its .various objectives and functions.
Q 33.
How many Commodity Boards are there in India?
Q 34.
Why is it necessary to get registered with an Export Promotion Council?
Q 35.
List and explain various incentives and schemes that the government has evolved for promoting the country's foreign trade.
Q 36.
Which agency of World Bank provides loan to private sector of developing countries?
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.
Discuss the principal documents used in exporting.
Q 42.
What is Performa Invoice?
Q 43.
Explain the term FOB.
Q 44.
Define Mate's Receipt.
Q 45.
Discuss the process involved in securing for exports.
Q 46.
Identify various organizations that have been set up in the country by the government for promoting country's foreign trade.
Q 47.
What is World Bank? Discuss its various objectives and role of its affiliated agencies.
Q 48.
Who is a clearing agent?
Q 49.
Why did WTO establish? What are its objectives?
Q 50.
Explain the steps of export procedure.
