Import and Export from India are regulated by Foreign trade policy under the central government. India is the fastest-growing economy around the world and the export of goods & services plays a vital role in this development.
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What is the procedure to export from India?
Step by step we will guide you about the steps which you would need in order to start export from India.
Step 1: Incorporate a sole proprietary or private limited company.
Step 2: Design an attractive logo with a website or we can say E-commerce online store.
Step 3: Get your company current bank account open.
Step 4: Get a permanent account number(Pan card).
Step 5: Get Importer/Exporter Code through DGFT with a couple of documents like a cancelled check, address proof, or other business documents.
Step 6: Get a Registration cum membership certificate (RCMC) with DSC for Foreign Trade and IEC code.
What product to export?
You can export almost every product except few restricted/prohibited products which you can find through the ITC HS Code (International Trade Classification Harmonised System Code) on DGFT.
So, choose the best product to export from India along with the country through trade statistics and data we have mentioned below.
How to find buyers?
You can find buyers on different platforms which we have mentioned below.
- Trade fairs
- Buyer-Seller events
- B2B portals
- Online Marketing
Also do take care of the competitive pricing along with the costing(sampling, shipping & insurance charges) and payment procedures(Letter of credit is a good option).
Few useful things to keep in mind:
- Cover up risk through ECGC.
- Exim bank will help in the line of credit to the destination country.
- The government of India also providing EXPORT PROMOTION SCHEMES.
How to process export orders?
1- Once you get the order, do check out the formalities the product needs, and after confirmation do get in contact with the buyer.
2- Procurement of the product should be strictly as per the buyers demand.
3- Get in contact with any agency which can do the pre-shipment quality inspection because foreign buyers basically focus upon the quality and other specifications.
4- Exporters can also get funding from commercial banks for pre-shipment and post-shipment with low-interest rates. It helps to cover up the transportation, packaging, raw material, and so on.
- Labeling and packaging should be done in a way so that they comply with the custom standards and would be easy to carry which automatically helps to reduce the shipping cost.
- Marking should mention package number, weight, handling instruction, port, and place of destination which helps in identification and information of cargo packed.
6- Custom Insurance and CIF & FOB contracts are very important in order to recover the loss of your goods if something goes wrong.
7- Try to deliever the goods or products as soon as you get the order.
8- Customs clearance plays a vital role in any import/export business and one needs to have a shipping bill along with the number.
The government of India also launched a single-window IceGate to help exporters for all their custom queries.
9- Custom house agents is a good option to help you from custom to cargo.
10- Documents needed are mentioned below
- Shipping Bill & Bill of Export
- Airway/Lading bill
- Commercial Invoice cum Packing List
- Certificate of origin
- Inspection certificate
Documents submission to bank
- Bill of exchange
- Letter of credit
- Packing list
- Declaration under foreign exchange
Note: According to FTP 2015-2020, overall export contracts and invoices have to label in the freely convertible currency of INR, and export proceeds should be realized in 9 months except for Iran.