Valuation of Second Hand Machinery

Valuation of Second Hand Machinery The Government of India has prescribed a methodology to import second-hand machinery from other countries. As the system evolves with new technology and the scope of import, the government has revised the procedures in a…

Merchanting Trade Transactions – RBI Revised Guidelines

Merchanting Trade Transactions – RBI Revised Guidelines The Merchanting Trade Transactions guidelines are revised and released by RBI periodically. The latest guidelines were released on 23rd January 2020, and this article provides details on the revised guidelines of RBI notification.…

Sanitary Import Permit

Procedure to Obtain Sanitary Import Permit As per the regulations by the Ministry of Agriculture, animal products importers in India must obtain a sanitary permit at the customs gate while importing meat and its products, eggs, milk products, pet food…

GST – Goods Sent for Exhibition

GST – Goods Sent for Exhibition Due to a lot of confusion prevailing in the trade and industry about, documentation and tax applicability of goods sent/taken out of India for exhibition or on a consignment basis for export promotion, recently…

APEDA Registration

APEDA Registration The Agricultural & Processed Food Products Export Development Authority, commonly known as APEDA, was established in 1985 as per the prescriptions mentioned in the Agricultural and Processed Food Products Export Development Authority Act of 1985, aimed to develop…

Shipping Bill and Revised Shipping Bill Format

Shipping Bill and Revised Shipping Bill Format Every exporter who is willing to export goods is required to file a shipping bill. To obtain customs clearance, the exporter is required to prepare the shipping bill. The shipping bill/bill of export…

Procedure for Obtaining Import Export Code

Procedure for Obtaining Import Export Code ‘Import Export Code’, most popularly known as IEC, is a 10 digit number issued by the Director General of Foreign Trade. ‘Import Export Code’ is the mandatory requirement for all the persons who are…

Letter of Credit

Letter of Credit (LC) A Letter of Credit (LC) is a document that guarantees the buyer’s payment to the sellers. Businesses widely use this assured form of payment in trade transactions. It is issued by a bank and ensures timely…

Authorized Economic Operator (AEO) Certificate

Authorized Economic Operator (AEO) Certificate Circular no. 33/2016-Customs dated 22nd July, 2016 has merged two facilitation scheme namely ACP (Accredited Client Programme) and AEO (Authorized Economic Operator) into a combined three-tier AEO programme. Under the new AEO programme, the importer…

Trade Infrastructure for Export Scheme

Trade Infrastructure for Export Scheme After the Assistance to States for Development of Export Infrastructure and Allied Activities (ASIDE) Scheme in 2015, the State Governments have urged and requested the Centre to create export infrastructure. The support from the Central…