Dos and Don't Dos in Imports. Do's Don,tsDo's Open LC or import transactions only for customers and open only if the party has got sanction limit. Allow import of restricted items as per procedure laid down in the Exim Policy. Handover import documents only to drawee or his PA holder against property acknowledgement. Allow payment for import by debit to customer’s account. Allow payment for the bills beyond six months and also allow payment of overdue interest on sight bills for a period not exceeding six months. Allow payment to local agents on commission basis. In case of overseas agent, allow commission as per FEMA guidelines. Verify the imported items under the LC. Issue amendments to LC only on the basis of written request. Verify whether the payment method in Letter of Credit is done as per FEMA guidelines or not. In case of default payment, crystallise the bill on 10th day of the month. Allow import provided goods are consigned to bank account opener. Insist for insurance cover at the time of opening the LC. Allow opening of LC on DA basis provided the Usance does not exceed more than 180 days. Allow opening of Transferable LCs provided transfer is restricted to specified second beneficiaries whose credit report is satisfactory. 15. Verify the Letter of Credit application form to ensure whether they are properly filled and stamped. Report to the RBI (Reserve Bank of India) if the bill of entry is not received. Sell the imported goods, only after getting permission from ITC authorities. Keep one copy of shipping documents, invoice and other papers for future inspection by the custom inspector or the Reserve Bank of India.Don'ts Issue the Letter of Credit if the customer doesn’t have IEC number. Open LC without proper transport documents. Allow advance payment without proper documentation. Forward the documents to third party without permission from the importer. Import prohibited or restricted items without import license. Allow direct remittance of import bills beyond the limit and without EC copy of bill of entry. Open revolving LC without safety clause. Amendments to the Letter of Credit for import of those items which is either restricted or prohibited. Allow import documents received under collection paid without verifying importers line of business and financial standing.Table of ContentsChapter 1 Starting Import IntroductionChapter 2 Preliminaries for Starting Import BusinessChapter 3 Registration of ImportersChapter 4 Guidelines And Rules for ImportChapter 5 Selecting The Overseas ExporterChapter 6 Import LicenseChapter 7 Import Trade Governing BodiesChapter 8 Import of SamplesChapter 9 Finalizing The Terms of ImportChapter 10 Import DutiesChapter 11 Import RisksChapter 12 Import Incentives under Special SchemesChapter 13 Methods of Payment in Import TradeChapter 14 Import of Personal BaggageChapter 15 Import of GiftsChapter 16 Impor of Cars Vehicle Commerical and Non CommercialChapter 17 Import of Gold And Silver by NRIChapter 19 Custom Clearance of Imported GoodsChapter 18 Import of Drugs And MedicineChapter 20 Import of Scrap And Waste ProductsChapter 21 Import Laptops And ComputersChapter 22 Import Dos And Donts
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 11-07-2025 'It’s totally my option': Trump backs Russia sanctions bill that could place 500% tariff on India Date: 10-07-2025 Dubai homebuyers face heat: ED sounds alarm on missing trails to UAE properties Date: 10-07-2025 Rupee rises 17 paise to 85.56 against US dollar in early trade Date: 10-07-2025 Overweight on domestic businesses; modest earnings growth pickup likely in H2: Harsha Upadhyaya Date: 10-07-2025 Taiwan begins 10-day military drills to counter Chinese threats Date: 10-07-2025 'It’s totally my option': Trump backs Russia sanctions bill that could place 500% tariff on India 'I Date: 09-07-2025 India looking at exporting uranium from Namibia: Indian envoy ahead of PM Modi's visit Date: 09-07-2025 PM Modi, Brazil President Lula set bilateral trade target of USD 20 billion in next five years: MEA Date: 08-07-2025 Rupee rises 22 paise to 85.72 against US dollar in early trade Date: 08-07-2025 Canada in crosshairs as Trump delays global tariffs, leaving Ottawa scrambling to strike high-stakes What is New? Date: 30-06-2025 Notification No. 32/2025-Customs Seeks to amend Notification No.130/2010- Customs dated 23.12.2010 to extend the exemption benefits to Air Canada. Date: 30-06-2025 Notification No. 44/2025-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver Date: 13-06-2025 Notification No. 43/2025-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver Date: 11-06-2025 Notification No. 42/2025-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver Date: 06-06-2025 Notification No. 13/2025-Customs (ADD) Seeks to impose Anti Dumping Duty on imports of ‘Insoluble Sulphur’ originating in or exported from China PR and Japan. Date: 30-05-2025 Notification No. 38/2025-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver Date: 30-05-2025 Notification No. 31/2025-Customs Seeks to i. extend the specified condition of exemption to imports of Yellow Peas (HS 0713 10 10) to bill of lading issued on or before 31.03.2026; ii. to reduce the basic custom duty on crude soya bean oil (HS Code 15071000), crude sunflower oil (HS Code 15121110), and crude palm oil (HS Code 15111000) from 20% to 10% Date: 26-05-2025 NOTIFICATION No. 37/2025-Customs (N.T.) Notification of ICD Jalna, Maharashtra u/s. 7(1)(aa) of Customs Act, 1962" and it was issued under Section 7(1)(aa) of Customs Act, 1962 Date: 23-05-2025 Notification No. 30/2025-Customs Seeks to amend notification No. 55/2022-Customs dated 31.10.2022 to remove the condition required for availing exemption on Bangalore Rose Onion. Date: 23-05-2025 NOTIFICATION No. 36/2025 - Customs (N.T.) Amendment in the Notification No. 63-1994-Customs (N.T) dated 21.11.1994 in respect of Land Customs Station, Raxaul
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