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Businesses planning to set up a trading company, or start importing or Importers from India, must understand the stages and stakeholders involved in the process, as well as the regulatory framework and documentation required.
In India, the imports and exports are regulated by the Foreign Trade (Development and Regulation) Act, 1992, which empowers the federal government to make provisions for development and regulation of foreign trade. The current provisions relating to exports and Importers from India are available under the Foreign Trade Policy, 2015-20.
Import procedures
Typically, the procedure for import and export activities involves ensuring licensing and compliance before the shipping of goods, arranging for transport and warehousing after the unloading of goods, and getting customs clearance as well as paying taxes before the release of goods.
Import and export documents
Businesses are required to submit a set of documents for carrying out export and Importers from India activities in India.
Importers from India
These include commercial documents – the ones exchanged between the buyer and seller, and regulatory documents that deal with various regulatory authorities such as the customs, excise, licensing authorities, as well as the export promotion bodies that help avail Importers from India benefits.
