Basic Legal Compliances for Exporters in India: Best Customs Lawyer Advice in Delhi NCR
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“Every Government promotes exports from their country and so does the Government of India. Export of goods generally requires goods to be given on credit or on Letter of Credit or LC. This also involves the transaction to take place in foreign currency and thus attracts the provisions of the Customs Act of 1962 or the Foreign Exchange Management Act of 1999 FEMA respectively. Further, international maritime laws also have t be duly considered and the international trade laws are equally important. Thus, a proper legal advice from an import export attorney or import export law firm or customs lawyer is highly required. Over here we shall be discussing in brief the applicable laws upon the exporters and the legal compliances which is/are to be fulfilled by the exporter.”
India made a significant improvement to the Ease of Doing Business by decreasing the number of obligatory paperwork needed for each import and export of commodities to three. To this end, the Directorate General of Foreign Trade (DGFT) recently released a notification. In July 2014, the Department of Commerce established an Inter Ministerial Committee with the DGFT as its Chairman to research and provide recommendations on how to lessen the amount of obligatory paperwork needed for export and import. The Committee visited JNPT to study the local situation and look for ways to minimise the number of documents, reduce transaction costs, and shorten the time required for exports and imports.
Recent Developments in Exports
The RBI has decided to eliminate the Foreign Exchange Control Form (SDF) in accordance with the report’s recommendations by including the declaration in the Shipping Bill (for exports) and doing away with the Foreign Exchange Control Form (Form A-1) (for imports). The Commercial Invoice cum Packing List combines the necessary information from both papers, and Customs has also consented to accept it. A circular has been produced for this purpose. However, if they so want, exporters and importers may additionally file separate Commercial Invoice and Packing List documents. The Shipping Ministry has also decided to make the procedure entirely online and do away with the necessity of a Terminal Handling Receipt.
Important Documents required for Export from India: Best Customs Lawyer Advice
Bill of Landing or the Airway bill- As non-negotiable instruments, Airway Bills differ from ordinary bills of lading in that they do not specify which flight the shipment will be delivered on or when it will arrive at its destination. The kind, amount, and destination of the commodities being transported are specified in bills of lading, which are legal contracts between the shipper of the goods and the carrier. When the products are delivered at a prearranged location, the bills of lading also serve as a receipt for shipment. The authorised representatives of the shipper, the carrier, and the recipient have all signed this paper, which is included with the goods. A bill of lading is negotiable, but an air waybill (AWB) is not. The AWB is a contract just for transportation and does not address the value of the goods because it is non-negotiable.
Bill of Export or the Shipping bill- After the exporter seeks to get this bill, the Customs Service Center issues the shipping bill, which is a crucial document. This law makes it easier for the exporter to load the products, clear customs, and collect duty refunds. Following receipt of client payments, the exporter must deliver the original or copy of the shipping bill to the bank.
Commercial invoice cum packing list- Both commercial invoices and packing lists are currently accepted by India’s customs agency for import and export of commodities. However, in order to streamline customs procedures and reduce the number of necessary documents for imports and exports in order to support trade facilitation, a Commercial invoice cum Packing list prepared in accordance with the details mentioned above is ideal for all future import export procedures.
The information from the packing list, including the Marks and Numbers, Quantity, Gross Weight, Net Weight, Number of Packages, and Types of Packages (such as Pallet, Box, Crates, Drums, etc.), must be included in the combined Commercial Invoice/Packing List document, according to customs.
Packing list- An international commerce document is a packing list. It offers details about the cargo, such as how it is packed, the sizes and weights of each package, and the markings and numbers that are recorded on the exterior of the boxes, to the exporter, international freight forwarder, and eventual consignee.
Technical Standard Certificate- A TSO is a minimum quality requirement for particular components, materials, and devices used on civil aircraft. TSO authorisation means being permitted to produce a material, component, or appliance to a TSO standard. A TSO permission signifies both manufacturing and design clearance.
Foreign exchange control form- Foreign exchange controls are a variety of restrictions placed by a government on residents’ purchases and sales of foreign currencies, nonresidents’ purchases and sales of local currency, and cross-border transfers of any currency.
Terminal Handling receipt- The fees that terminal authorities at each port collect for handling equipment and maintenance are known as terminal handling costs, or THC. The total handling cost (THC) varies from port to port within each nation since the cost of handling at each port varies from port to port and is based on the entire cost of port terminal handling at each location.
Conclusion
Exporting of goods from one country to another requires a lot of paperwork and formalities to be done. The trader has to be diligent while submitting the forms and entering into agreements.
Authored By: Adv. Anant Sharma & Afsana Khan
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