EXIM Procedures — Winter 2020

The Ministry of Commerce and Industry introduced the Foreign Trade Policy (FTP) 2015-2020 on 1st April 2015. The policy was formulated to promote ‘Make in India’ and ‘Digital India’ initiatives of the Government of India. It also revamped various incentives offered under previous FTPs. In light of the above statement analyze the various implications of FTP 2015-2020.

Discuss the objective of Foreign Trade (Development and Regulation) Act 1992 and its main provisions.

Explain the methods of Quality Control and Pre-shipment Inspection recognised by the Government of India?

What is customs duty? Explain the purpose of levying customs duty and the different types of customs duties?

What is the role of CHAs, freight forwarders and shipping agents in international trade?

Differentiate: Mate’s Receipt vs. Bill of Lading

Explain the term Importer and its categories. Also explain the licensing requirements for Importers in India.

Explain the term Shipping Bill. Discuss the types of shipping bill and its significance.

Government of India offers many incentives to Indian Importers under special schemes to stimulate the industrial growth and development. Explain the import incentives offered for Import companies in India.

Explain the different types of Marine Insurance Policies Page 1 of

CASE STUDY: Mr. Krishnan Iyer is an agricultural entrepreneur growing vegetables with green house technology in Kochi. He is maintaining his business account with LakshmiDhan Bank, Kochi. Mr. Iyer intends to upgrade his farming business with some modern machinery. He visited many trade fairs and exhibitions and found one firm M/s Erzhong LLC, located in Beijing. M/s Erzhong LLC is banking with China Development Bank. After verifying the samples and negotiating the price, the order is finalized and M/s Erzhong issues an invoice stating that the sale transaction must be backed by L/C. Accordingly Mr. Iyer approaches LakshmiDhan Bank for opening of the L/Cin a foreign currency (USD). LakshmiDhan Bank’s foreign correspondent bank in china is Bank of China Beijing. In light of the above case answer the following questions:

What is meant by L/Cmentioned in the above case? What are the 5.5 advantages of L/Cto Exporter and Importer?

In light of the above case name the parties involved in the L/Cand 5. explain the mechanics of L/C.

Explain the types of L/C? 5.5

What are the other alternatives available to M/s Erzhong LLC to 5.5 finance this shipment? Page 2 of