Export

Basically, minimum statutory acts which we need to comply with when we are exporting goods outside India are

1. Customs Act

2. RBI Act

3. Export procedures (if any) - as per state sales tax

4. others

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Hi, we are exporter of Rice and in this trade buyer demands some gift in each consumer packing of rice. One Spoon is to be exporter with rice as free gift. Can anyone please advise the limit of free gift decided by the Govt. of India.   

 

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Dear Pradeep,

There is no such limit but you need to take Waiver letter from the AD Bank inrespect of the SPOON which you give as Free gift and export and for that no export realisation will be received in India. 

Main to comply is Foregn Trade Policy (FTP).Any importer and Exporter must have Importer Exporter Code number (IEC number).Without IEC no export and import is possible in India.Further goods freely Exportable and Importable as per the FTP Policy can be Impoered and Exported freely else either can not be exported or imported or exported or Imported as per the provision of FTP.Not only that  as per the current FTP IEC is issued Permanent Account Number based (PAN) so Income Tax Act should comply by having PAN.