Importing is big business these days but it’s important for new importers to have proper guidelines and understanding of the foreign market. It’s essential for every importer to get informed about all the necessary matters related with foreign trade agreement. Importing is not just for those lone footloose adventurer types who survive by their wits and the skin of their teeth. Before starting an import business one should does many preparations.
Before starting an import business it is essential for every importer to select proper commodity market. For the selection of right commodity market one should consider the following points:
After selecting the commodity market you have to consider the following points:
Every importer starts import business only when he is determined that importing certain goods will definitely make his business profitable.
When you have decided to enter into importing business, you must make proper business plan for the growth of your importing business. You must consider all the rules and regulations regarding import business which are mentioned in the Foreign Trade Policy Procedures. In India, the Directorate General of Foreign Trade (DGFT) established Exim Policy or Foreign Trade Policy for the matters related to the import and export of goods in India. Exim Policy of the Indian Government and is regulated by the Foreign Trade Development and Regulation Act, 1992. All the procedure and policies in matter related to the import is announced by the DGFT through its notification, appendices and forms.
Many items of goods are free for imports without obtaining any license. Import licenses are only required for items which are listed in the Schedule I of ITC (HS) Classifications of Export and Import items. The next step is to register with the Directorate General of Foreign Trade (DGFT) and obtain Importer Exporter Code Number. IE Code is a unique 10 digit code issued by DGFT to Indian Companies. This is a mandatory requirement to carry out import from or export to India. Prohibited goods and items are not at all allowed to import while restricted items are only allowed to import though a special license issued by the Ministry of Commerce, Government of India.
The State Trading Corporation of India Limited was founded in 1956 and is based in New Delhi, India. The State Trading Corporation of India Limited, together with its subsidiary, SCTL Limited, operates as an international trading house in India that import a number of essential commodities to cover the domestic shortfalls and hold the price line. STC serves the national objective by arranging timely imports at most competitive prices. The company imports edible oils, sugar, wheat, fatty acids, and pulses; and hydrocarbons, gold and silver, minerals/metals, petro-chemicals, fertilizers, scientific instruments, hospital/ police equipments, FMCG goods, and IT products.