International Business Test - 3

documents required for obtaining a export license:-

• Opening a bank account in any bank authorised by the Reserve Bank of India (RBI) and getting an account number.

• Obtaining Import Export Code (IEC) number from the Directorate General Foreign Trade (DGFT) or Regional Import Export Licensing Authority.

• Registering with appropriate export promotion council.

• Registering with Export Credit and Guarantee Corporation (ECGC) in order to safeguard against risks of non payments.

It is the main document for which custom officials grants authority for export purpose. So, it has not much to do with import transactions.

Major duty draw-backs include refund of excise duties paid on goods meant for exports, refund of customs duties paid on raw materials and machines imported for export production. 

A pro forma invoice is a document that states a commitment on part of the seller to deliver the products or services as notified to the buyer for a specific price. It is thus not a true invoice.

Bill of entry is not a part of export documents. Bill of entry An account of goods entered at a customhouse, of imports and exports, detailing the merchant, quantity of goods, their type, and place of origin or destination. It is issued by the customs presenting the total assigned value and the corresponding duty charged on the cargo.

A mate receipt is a receipt issued by the commanding officer of the ship when the cargo is loaded on board, and contains the information about the name of the vessel, berth, date of shipment. description of packages, marks and numbers, condition of the cargo at the time of receipt on board the ship, etc. 

 The shipping bill is the main document on the basis of which customs office grants permission for the export. The shipping bill contains particulars of the goods being exported, the name of the vessel, the port at which goods are to be discharged, country of final destination, exporter's name and address, etc. 

A letter of credit is a guarantee issued by the importer's bank that it will honour up to a certain amount the payment of export bills to the bank of the exporter. 

The International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The World Bank is a component of the World Bank Group. The World Bank's stated official goal is the reduction of poverty. The International Monetary Fund is an international organization headquartered in Washington, D.C., of "189 countries working to foster global monetary cooperation, secure financial stability,

The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international legal agreement between all the member nations of the World Trade Organization (WTO).