1. . UNIT – III

2. Import for industrial trading The Import Trade Act, 1992 defines import as bringing into India any goods by Land Sea or Air

3. Regulations To import goods & services we should have knowledge about 1.Import Trade Laws 2.Prteliminaries for starting Import Business 3.Registration for Importers 4.New Policies and Procedures 5.Negative list of Imports 6.Finance for Imports

4. … 7.LOC for Imports 8.Customs clearance Documents 9.RBI’s Directives for Making payment for Import

5. Documentation may mean the following— A set of documents provided on paper, or online, or on digital or analog media, such as audio tape or CDs. The process of documenting knowledge, as in scientific articles. The process of providing evidence. The writing of product documentation, such as software documentation. A synonym for the term document. A synonym for the term bibliography

6. .. Documents are important for the following reasons— (a) as an evidence of shipment and title of goods (b) for obtaining payment (c) to provide a specific and complete description of the goods (d) for assessment of correct Duty for clearance purpose (e) for obtaining Export Licenses (f) for obtaining export finance (g) for completing Pre-shipment Inspection

7. Commercial Documents Commercial set of documents are mainly used for Commerce. In other words these are documents normally exchanged between buyer and seller.

8. .. It requires Commercial Invoice Inspection Certificate Insurance Certificate Bill of Lading / AWB Certificate of Origin Bill of Exchange Shipment Advice Packing List

9. Regulatory Documents Regulatory documents are required in dealing with various regulatory authorities such as customs, RBI, Excise, Licensing authorities Inspection and other Export Promotion bodies for availing incentives etc.

10. … It requires Shipping Bill ARE1 from (Excise) RBI Declaration Forms Application for remittance of currency Various Licenses Bill of Entry

11. Important Documents–Imports Invoice Packing list Bill of Lading License/Authorizations in original Letter of Credit/Bank Draft/wherever necessary Insurance document Import license Industrial License Test report in case of chemicals Catalogue, Technical write up, Literature in case of machineries, spares or chemicals as may be applicable Certificate of Origin No Commission declaration

12. EXCISE AND CUSTOM CLEARANCE Customs and Central Excise procedures are perceived by the trade as cumbersome involving time consuming documentation, scrutiny and physical examination of goods, divergent practices and a high degree of individual discretion, resulting in impediments to the smooth movement of trade and acting against the interests of genuine importers, exporters and manufacturers. Appreciating this concern we are committed to streamlining and simplifying the procedures and setting a climate for voluntary compliance. The introduction of electronic processing of documents also entails a change in approach and re-engineering of Customs and Central Excise processes based on selectivity, risk assessment and reduced intervention.

13. Customs Minimise pre-clearance scrutiny of import/export declarations and examination of goods. Introduce systems assessment i.e. without any human intervention for specified commodities/identified importers and exporters. Introduce audit-based post-clearance scrutiny for identified importers/exporters, industry groups. Combine post- clearance audit for Customs and Central Excise in respect of manufacturer- importers/exporters wherever possible.

14. .. Accept periodic declarations instead of individual declarations for each consignment for identified importers/exporters. Introduce a system of deferred duty payment for identified assessees subject to revenue safeguards. Minimise physical examination of goods by effectively using 'risk assessment' based targeting techniques.

15. .. Introduce a system of release of goods even where the documentation is incomplete or there has been contravention of Customs laws, subject to adequate safeguards. Eliminate divergent practices in the application of Customs laws and procedures at different Customs stations by effective monitoring and analysis of the computerized database. Move towards a single window clearance wherever possible.

16. .. Provide 24 hours or 'extended time' Customs clearance facility, wherever required. Implement the provisions of International Conventions on Customs techniques (Revised Kyoto Convention). Examine all extant procedures and eliminate those not compatible with trade facilitation. Undertake a continual review of Customs procedures so as to be responsive to changing situations

17. Central Excise Study all the existing Central Excise procedures, and streamline and simplify them, so that the assesses are encouraged to comply voluntarily; Evolve a new and comprehensive Central Excise law; Move towards a system of periodical payment of duties by assesses; Replace physical checks with selective audit; Accept records maintained under Companies Act for the purpose of administration of Central Excise laws in lieu of statutory records; Evolve simplified schemes for refunds and rebates due to manufacturers and exporters; Eliminate divergent practices in the application of Excise laws and procedures at different formations by effective monitoring and analysis of the computerized database. Undertake a continual review of Excise procedures so as to be responsive to the changing situations.

18. CUSTOM PROCEDURE Registration Processing of Shipping Bill Quota Allocation Arrival of Goods at Docks System Appraisal of Shipping Bills Customs Examination of Export Cargo Stuffing / Loading of Goods in Containers Drawal of Samples Amendments Export of Goods under Claim for Drawback Generation of Shipping Bills

19. Cargo Insurance Insurance is a system of protection against losses Section 25 Marine Insurance Act,1963 defines it must specify that The name assured Subject insured Voyage period Sum Insured Place where claims are payable Date of issue

20. TYPES OF POLICIES Divided into three broad groups (i) Restricted policy (ii)All Risk policy (iii)All Risk Comprehensive policy