Import & Export :
DEFINATION OF IMPORT
An import of a good occurs when there is a change of ownership from a non-resident to a resident; However, in specific cases national accounts impute changes of ownership even though in legal terms no change of ownership takes place (e.g. cross border financial leasing, cross border deliveries between affiliates of the same enterprise, goods crossing the border for significant processing to order or repair). Also smuggled goods must be included in the import measurement.
DEFINATION OF EXPORT
A function of international trade whereby goods produced in one country are shipped to another country for future sale or trade. Exports are one of the oldest forms of economic transfer, and occur on a large scale between nations that have fewer restrictions on trade, such as tariffs or subsidies.
REQUREMENTS
1. APPLICATION FORM- AAYAAT NIRYAAT FORM FOR IEC - 1
2. FOUR passport size photo
3. Copy of PAN Card
4. Proof of Address-Elec./Tel./Water/Bill/Passport/Rent Agreement
5. BANK’S CERTIFICATE
6. If Manufacturing Unit (Registration Copy of VAT/SSI/MSME/EXCISE)
Other Papers:
1. BRANCH ADDRESS PROOF (if any)
2. In case of Partnership
i. Partnership Deed- 1 duly attested and Notarised
ii. List of Partner
iii. Authority letter
3. In case of Company-
i. MEMORANDUM - duly attested with Photocopy of original COI
ii. Board Resolution - 1 duly attested
iii. List of Directors