To Import Procedure goods from other countries, the importer must send a purchase order to the exporter. The purchase order must provide details of the goods that the importer wants to import. This includes the product quality type and quantity. It also needs to state whether the goods will be imported under a specialized scheme or a Letter of Credit.
Importation of goods under specialised schemes
Importation of goods under specialised schemes is a process in which a country receives an exemption from import duty on goods produced in the country. Often, these exemptions are granted to agricultural and industrial products. Most of these products are produced in the recipient country, which is why they are eligible for preferential rates. Often, countries renew their schemes periodically, increasing the benefits and extending them to other products.
Import Procedure Random selection of goods
Random selection of goods during the import procedure refers to the process where a part of the consignment is selected and inspected by customs authorities before duty assessment. This process may be requested by the importer or by the Customs Appraiser/Assistant Commissioner. It may take place at the time of bill of entry or data entry.
Pre-shipment inspection is a critical step in the import procedure. It ensures that products are packed correctly and are delivered to the correct destination. It can be conducted by the buyer, supplier, or the bank initiating payment for a letter of credit. It also examines packaging to ensure that the proper materials and labels are applied.
The pre-shipment inspection of goods is performed when production is at least 80% complete. This is the final opportunity to correct any problems and avoid costly delays. It typically includes checking the packaging, labeling, functionality, and durability. It also includes checking that the product is of the correct size and weight.
Import Procedure Letter of Credit
Letter of credit is a financing instrument used for the import of goods from one country to another. A bank issues a Letter of Credit in the name of a company. The exporter then sends the goods to its nominated bank and the latter checks whether they are in compliance with the terms and conditions specified in the Letter of Credit. Once the documents have been verified, the nominated bank releases the goods to the importer.
The importer first applies for a Letter of Credit (LC) with their bank. Once the LC is approved by the bank, it is sent to the exporter. The exporter then uses the LC to pay for the goods. Then, the importer will collect the shipment. This procedure benefits both the importer and the exporter. It gives the seller the peace of mind that their goods will be paid in full, while the buyer gets to present themselves as a reliable buyer and can negotiate longer payment terms.
Import Procedure Payment of dock dues
The payment of dock dues during the import procedure is an essential procedure that must be completed by the importer. This duty is imposed on goods that are imported and on services rendered by dock authorities. The importer is required to submit two copies of the application to import. A receipt is issued to the importer for this payment.
The importer must submit the proper forms to the concerned port trust. These forms come in different colours. A black bill of entry is used for goods that are not dutiable, a blue one for those that are sold within the country, and a violet one for re-exportable goods. These forms must be submitted by the importer and must be accompanied by a Port Trust Dues Receipt.
A shipment advice is the document sent by the exporter to the importer. It contains all the necessary information about the shipment. This includes the airway bill of lading number, the name of the vessel, the port of export, and a description of the goods and the amount. In addition, the advice should include the date when the vessel is expected to arrive at the final destination. It also includes the terms and conditions for the transport of the goods.
The advice is also important for the importer to obtain transport insurance. This is particularly necessary if the shipment is shipped via FCA, CFR, or FAS. The advice should be provided as soon as possible after the shipment’s arrival.