Documents Required For International Import Export Clearance
Import and Export are two very important pillars of the economy of any nation. Import means when you receive the goods from any other country. Export, on the other hand, refers to the time when we send the goods to other countries. If Export exceeds than imports in a trade for a nation, it is known as favorable balance of trade and in case import exceeds exports, it is known as the unfavorable balance of trade.
Various items that India exports to various countries in the world:
- Petroleum Products
- Mineral Fuels
- Gems and precious stones
- Pharmaceutical products
- Electrical Machinery
Items that we import in India are
- Crude Oil
- Medical Apparatus
- Electronic Items and Gadgets
- Mobile Phones
- Cars and Automobiles
- Animal/ Vegetable Fat
Documents Required For Importing the products in India:
There are various Import and export service providers in our country. They take care of the entire process on your behalf.
- Bill of Entry: It is one of the indications of total outward remittance of the country which is governed by Reserve Bank of India
- Commercial Invoice: This document is proof of the transaction that has taken place. It tells you what all products have been purchased and at what cost.
- Bill of Lading: This is the invoice issued by the carrier for the details of cargo and terms of delivery.
- Import License: Import License is a must for importing the products and clearing them through the customs.
- Terms of Credit: What are the terms of payment and credit period details? It needs to be present in the document.
Documents required for exporting the products from India
- Proforma Invoice: This document shows the details of the product along with the quantity that the seller is determined to sell.
- Country of origin certificate: It shows the goods are manufactured in India
- Invoice: details such as description, selling price, quantity, packaging costs, weight or volume of the goods to determine customs import value at the destination port, freight insurance, terms of delivery and payment, etc. are mentioned
- Shipping Bill
- Letter of Credit
- Export License
All the above required documents and formalities which need to be completed, taken care of by the freight forwarding service providers in the country. They charge a nominal fee for this service and you can relax after all. The expert and import of every single good is essential only once the documents are good to go. That is why taking help from the right organization can make this tedious task much easy. Before you start importing or exporting these service providers will inform you that you need to have a valid Import Export License to begin this work. There are formalities which need to be completed for applying for this license.