Procedure to setup EXIM Unit
For an individual/ business unit to avail incentives under the Foreign Trade Policy, it must first register itself as an EXIM unit. Following are the broad steps to register as an EXIM unit:
Set up a sole proprietary concern/ partnership firm/ company.
Open a current account with the bank authorized in foreign exchange.
Obtain a Permanent Account Number (PAN) from the Income Tax Department followed by your Importer Exporter Code (IEC) from Directorate General of Foreign Trade.
To avail concessions, one must obtain Registration cum Membership Certificate (RCMC) from Export Promotion Council (EPC)/Federation of Indian Export Organization (FIEO)/ Commodity Boards.
Get your risks covered fromExport Credit Guarantee Corporation (ECGC) through an appropriate insurance policy.
Mandatory documents for export and import in India
As per the Foreign Trade Policy 2015-20 issued by the Ministry of Commerce in December 2017, following are the mandatory documents needed for an EXIM unit to export or import from India:
Exports
- Bill of Lading/ Airway Bill/ Lorry Receipt/ Railway Receipt/ Postal Receipt
- Commercial Invoice cum Packing List
- Shipping Bill/ Bill of Export/ Postal Bill of Export
Imports
- Bill of Lading/ Airway Bill/ Lorry Receipt/ Railway Receipt/ Postal Receipt in form CN-22 or CN-23
- Commercial Invoice cum Packing List
- Bill of Entry
Note: For export or import of specific goods or category of goods, which are subject to any restriction/policy condition or require NOC/ product-specific compliances under any statute, the regulatory authority concerned may notify additional documents for purposes of export or import.
Buyers and Sellers have set responsibilities for the delivery of goods under the sales contract, called Incoterms.
For more details, the FTP 2015-20 document can be accessed here.