Trade Service Provider provides the excellent back-office services required during the import processes as follows-
Procurement of License
The governments of different countries have issued different regulations and trade policy. In case of India, import & export system is regulated by the Foreign Trade Act. There're many items comes under such category which require license to be imported. These licenses are issued by the regional licensing authority, after registration. In the absence of import license, importer may have to face the problem in custom clearance of imported goods. We help our clients in obtaining such import licenses for restricted and canalized goods.
Effective negotiation with supplier takes the understanding of strength and weaknesses of both parties. Also the priorities of your partner should be considered. The main objectives of negotiation should be cost-effectiveness. An importer should be skilled in splitting responsibility for customs clearance and delivery. Handling customs clearance may be more cost-effective but requires the importer involvement into the process. Connect2India can help you in negotiating a clear contract with setting out clear delivery and payment terms both parties agreed on. Misunderstanding could be avoided by using international Incoterms. In this preliminary negotiation we also take care of the right payment method be used.
Procurement of quota
An import quota gives authorization to the importer to import products like chemical for distribution to registered manufacturer or legitimate scientific and medical needs of country. Connect2India help companies in the procurement of quota for uninterrupted supply. It is also required for the manufacturer in order to manufacture and pack the products.
Obtaining Foreign Exchange
The foreign exchange in international trade refers to the amount/payments made by corporate companies and governments for the products and services they purchased overseas. Today globalization is on its peak due to which, there's massive increase in foreign exchange transactions and global foreign exchange market is the largest financial market. It assists trade by enabling currency conversion. We provide advisory on obtaining foreign exchange.
Dispatching letter of credit
Letter of credit is very important for both parties (importer and exporter) involved in the trade. Both of them should consider the terms and conditions of LC. Importer should make sure that they get the much detail like products description, price, shipment etc. from seller. There may also be requirement of conformation on LC if seller concerns about the financial stability of importer. We help importer in providing proper instruction to bank for issuing LC and confirming if required. Both should make sure that the terms are as set out in contract. Any error in dispatch of LC may cause the delay.
Appointing C & F Agent
C&f agent is the carrying and forwarding agent who forward the products to distributors and retailers. There can be only one c&f agent in a state who is the main link between dealer and manufacturer. We help importers finding the right c&f agent and creating proper draft agreement for the appointment. There are many factors to be considered when appointing c&f agent like financial soundness, license, availability of commercial space, infrastructure facility, proper staff, experience in the field of supply etc.
Receipt of shipment advice
Shipment advice is helpful in planning the import clearance procedures and tracking the goods as per the details it contains. It's send by exporter once the goods are shipped from his place. Shipment advice makes importer get all the required documentation on time before the shipment arrived at his place. It contains-
Letter of credit number
Commercial invoice number and date
Bill of lading
Contact details of freight forwarders if any involved.
Expected time of arrival
Both exporter and importer should make sure that they are updated with all the changes in vessel details and expected time.
Receipt of documents
There are many documents required for customs clearance and other processes of import, see complete details here. We help importer in the receipt of documents like- bill of entry, bill of lading, import license, insurance certificate, letter of credit, RCMC etc. Many of them are regulated by banks. These days importer can received the import bill/documents of value not exceeding USD 100000, directly from the exporter. Reserve Bank of India has enhanced the limit to 300000 for direct receipt of import bill.
Customs authority of every nation performs the custom check of goods imported and grants the documented permission which is called custom clearance to the shipping agent. IT's a proof of all the customs duties done for this product. Clearing goods through customs required complete set of documents and guidelines. In order to receive the custom clearance, importers have to follow detailed formalities. He has to file bill of entry which is different for different purposes. There can be various kind of examination and verification of imported goods with the bill of entry. A part is chosen from the consignment to examine. Also processing of end use bonds is required to be furnished for availing duty free assessment.