IMPORT AND EXPORT: BASIC CONCEPTS AND
PROCEDURES
1. Introduction
Import and export are essential components of international trade...
In India, foreign trade is regulated under the Foreign Trade (Development and
Regulation) Act, 1992...
2. Objectives of Import and Export
• To earn foreign exchange
• To access global markets
• To ensure availability of goods
• To promote economic growth
3. Regulatory Framework in India
Key laws include Customs Act, 1962 and Customs Tariff Act, 1975.
The Central Board of Indirect Taxes and Customs (CBIC) administers customs.
4. Import Process Flow Chart
Identify Need → Obtain IEC Code → Select Supplier → Place Order →
Arrange Finance → Shipment → Customs Clearance → Delivery
5. Export Process Flow Chart
Receive Order → IEC Code → Production → Packaging →
Documentation → Customs Clearance → Shipment → Payment Realization
6. Key Documents (Table)
Document Purpose
Invoice Details of goods
Packing List Shipment details
Bill of Lading Transport proof
Shipping Bill Export clearance
Bill of Entry Import clearance
7. Role of CBIC
CBIC ensures duty collection, prevents smuggling, and regulates trade.
8. Digital Initiatives
SWIFT and CIP help streamline customs processes.
9. Advantages of Import and Export
• Economic growth
• Employment
• Technology transfer
10. Conclusion
Import and export are vital for global trade and economic development.