Export Procedure

Agricul= ture,=20 Food & Marine
Apparel &=20 Clothing
Arts = &=20 Crafts
Automotive=20 & Automobile
Bicycle=20 & Rickshaw

Chemicals=20 & Dyes
Construction=20 Materials
Cosmetics
Ele= ctrical=20 & Electronic
Gems &=20 Jewelry
Hand = &=20 Machine Tools

Hardware=20 & Software
Herbal=20 & Ayurvedic
Home=20 Textile & Furnishings
Household=20 & Home Supplies
Industrial=20 Goods & Products
Leather &=20 Leather Products

Medical= =20 & Pharmaceutical Products
Metals,=20 Minerals & Ores
Musical=20 Equipments
Natural=20 Stones
Office= =20 & Commercial Supplies
Pack= ing=20 Materials & Equipment =

Paper = &=20 Paper Products
Plant = & Machinery
Plastic= =20 & Plastic Products
Printing = &=20 Publishing
Rubb= er=20 & Rubber = Products

Scientific= =20 & Laboratory Instruments
Shippi= ng=20 & Aviation
Sports=20 Goods
Teleco= mmunication=20 Products
Textile,=20 Fabrics & Yarns

= How To=20 Export=20
= Preliminaries=20 for Starting Export=20
= Registration=20
= Register=20 with Export Promotion Council=20
= Despatching=20 Samples=20
= Appointing=20 Agents=20
= Specimen=20 Copy of Agreement=20
= Acquire=20 an Export License=20
= Acquire=20 Export Credit Insurance=20
Arranging=20 Finance=20
Rates=20 of Interest=20
Understand=20 Foreign Exchange Rates & Protect Against Their Adverse = Movement=20
Forward=20 Contracts=20
Procuring/Manufacturing=20 Goods for Export & Their Inspection by Government Authorities=20
Labeling,=20 Packaging, Packing & Marking Goods=20
New=20 Excise Procedure

How To = Export

Golden=20 Rule=20
Sell=20 Experience=20
Selling=20 in Export=20
On-time=20 Deliveries=20
Communication=20
Testing=20 Products=20
Approach=20

Golden = Rule: In order=20 to be successful in exporting one must fully research its markets. No = one should=20 ever try to tackle every market at once. Many enthusiastic persons = bitten by the=20 export bug, fail because they bite off more than they can chew. Overseas = design=20 and product requirements must be carefully considered.

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Always=20 sell as close to the market as possible. The fewer intermediaries one = has the=20 better, because every intermediary needs some percentage for his share = in his=20 business, which means less profit for the exporter and higher prices for = the=20 customer. All goods for export must be efficiently produced. They must = be=20 produced with due regard to the needs of export markets. It is no use = trying to=20 sell windows which open outwards in a country where, traditionally, = windows open=20 inwards.=20

Sell = Experience: If a=20 person cannot easily export his goods, may be he can sell his = experience.=20 Alternatively, he can concentrate on supplying goods and materials to = exporters'=20 who already have established an export trade. He can concentrate on = making what=20 are termed 'own brand' products, much demanded by buyers in overseas = markets=20 which have the manufacturing know-how or facilities.

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Selling in = Export: In=20 today's competitive world, everyone has to be sold. The customer always = has a=20 choice of suppliers. Selling is an honorable profession, and you have to = be an=20 expert salesman.=20

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On-Time = Deliveries: Late=20 deliveries are not always an exporters fault. Dock strikes, go-slows, = etc. occur=20 almost everywhere in the world. If one enters into export for the first = time, he=20 must ensure of fast and efficient delivery of the promised = consignment.=20

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Communication: = Communication=20 internal and external must be comprehensive and immediate. Good = communication is=20 vital in export. When you are in doubt, pick up the phone or email for = immediate=20 clarification.=20

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Testing Product: = The risk of=20 failure in export markets can be minimized by intelligent use of = research.=20 Before committing to a large-scale operation overseas, try out on a = small scale.=20 Use the a sample test, and any mistakes can then be corrected without = much harm=20 having been done. While the test campaign may appear to cost more = initially,=20 remember that some of the cost will be repaid by sales, so that test = marketing=20 often turns out to be cheaper.=20

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Approach: If = possible some=20 indication of the attitudes towards the product should be established, = like any=20 sales operation. Even if the product is successful, to obtain reactions = from the=20 customer.

Preliminaries for Starting = Export=20 Business

Setting=20 up an appropriate business organization.=20
Choosing=20 appropriate mode of operations=20
Naming=20 the Business=20
Selecting=20 the company=20
Making=20 effective business correspondence=20
Selecting=20 the markets=20
Selecting=20 prospective buyers=20
Selecting=20 channels of distribution=20
Negotiating=20 with prospective buyers=20
Processing=20 an export order=20
Entering=20 into export contract=20
Export=20 pricing and costing=20
Understanding=20 risks in international trade

Setting up an appropriate = business=20 organization

The first and the foremost question you as a prospective exporter has = to=20 decide is about the kind of business organisation needed for the = purpose. You=20 have to take a crucial decision as to whether a business will be run as = a sole=20 proprietary concern or a partnership firm or a company. The proper = selection of=20 organisation will depend upon

Your ability to raise finance=20
Your capacity to bear the risk=20
Your desire to exercise control over the business=20
Nature of regulatory framework applicable to you

If the size of the business is small, it would be advantageous to = form a sole=20 proprietary business organisation. It can be set up easily without much = expenses=20 and legal formalities. It is subject to only a few governmental = regulations.=20 However, the biggest disadvantage of #138;sole proprietary business is = limited=20 liability to raise funds which restricts its growth. Besides, the owner = has=20 unlimited personal liability. In order to avoid this disadvantage, it is = advisable to form a partnership firm. The partnership firm can also be = set up=20 with ease and economy. Business can take benefit of the varied = experiences and=20 expertise of the partners. The liability of the partner though joint and = several, is practically distributed amongst the various partners, = despite the=20 fact that the personal liability of the partner is unlimited. The major=20 disadvantage of partnership form of business organisation is that = conflict=20 amongst the partners is a potential threat to the business. It will not = be out=20 of place to mention here that partnership firms are governed by the = Indian=20 Partnership Act,1932 and, therefore they should be form within the = parameters=20 laid down by the Act.

Exporters Manual and Documentation

Company is another form of business organisation,which has the = advantage of=20 distinct legal identity and limited liability to the shareholders. It = can be a=20 private limited company or a public limited company. A private limited = company=20 can be formed by just two persons subscribing to its share capital. = However, the=20 number of its shareholders cannot exceed fifty, public cannot be invited = to=20 subscribe to its capital and the member's right to transfer shares is=20 restricted. On the other hand, a public limited company has a minimum of = seven=20 members. There is no limit to maximum number of its members. It can = invite the=20 public to subscribe to its capital and permit the transfer of shares. A = public=20 limited company offers enormous potential for growth because of access = to=20 substantial funds. The liquidity of investment is high because of = easiness of=20 transfer of shares. However, its formation can be recommended only when = the size=20 of the business is large. For small business, a sole proprietary concern = or a=20 partnership firm will be the most suitable form of business = organisation.In case=20 it is decided to incorporate a private limited company, the same is to = be=20 registered with the Registrar of Companies.

For details as to be procedures for registration with the registrar = of=20 Companies, kindly refer to Nabhi's FORMATION AND MANAGEMENT OF A PRIVATE = COMPANY=20 ALONG WITH PRACTICAL PROCEDURES.

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Choosing appropriate mode of=20 operation=20

You can chose any of the following modes of operations:

Merchant Exporter i.e. buying the goods from the market or from a=20 manufacturer and then selling them to foreign buyers.

Manufacturer Exporter i.e. manufacturing the goods yourself for = export Sales=20 Agent/Commission Agent/Indenting Agent i.e. acting on behalf of the = seller and=20 charging commission Buying Agent i.e. acting on behalf of the buyer and = charging=20 commission

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Naming the = Business=20

Whatever form of business organisation has been finally decided, = naming the=20 business is an essential task for every exporter. The name and style = should be=20 attractive, short and meaningful. Simple and attractive name indicating = the=20 nature of business is ideal. The office should be located preferably in = a=20 commercial complex, in clean and workable surroundings. The letter head = should=20 be simple and superb providing information concerning H.O., branches, = cable=20 address, telephone number, fax number, banker's name and address etc. = Pick up a=20 beautiful trade name and logo which reinforces your organisation's name = and=20 image.

Open a current account in the name of the organisation in whose name = you=20 intend to export. It is advisable to open the account with a bank which = is=20 authorised to deal in Foreign Exchange.

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Selecting the = Company=20

Carefully select the product to be exported. For proper selection of = product,=20 study the trends of export of different items from India. The selected = product=20 must be in demand in the countries where it is to be exported. It should = be=20 possible to procure or manufacture the selected product at most economic = cost so=20 that it can be competitively priced. It should also be available in = sufficient=20 quantity and it should be possible to supply it repeatedly and = regularly.=20 Besides, while selecting the product, it has to be ensured that you are=20 conversant with government policy and regulations in respect of product = selected=20 for export. You should also know import regulations in respect of such=20 commodities by the importing countries. It would be preferable if you = have=20 previous knowledge and experience of commodities selected by you for = export. A=20 non-technical person should avoid in dealing in high tech products.

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Making effective Business=20 Correspondence=20

You should recognise the importance of business correspondence as it = is an=20 introduction with the buyer in proxy which may clinch his response = according to=20 the impression created by the correspondence. For creating a very = favorable and=20 excellent impression, you must use a beautiful letter head on airmail = paper and=20 a good envelope, nicely printed, giving fully particulars of your firm's = name,=20 telephone, telex and fax number etc. Your language should be polite, = soft, brief=20 and to the point, giving a very clear picture of the subject to be put = before=20 the customer. Letters should be typed/ computer typed set, preferably in = the=20 language of the importing country. Also make sure that the full and = correct=20 address is written and the envelope is duly stamped. It should also be = borne in=20 mind that the aim of your business correspondence is not only to clinch = the=20 buyer's order but also to obtain the information on the following:

The specifications of the products already in use in the importing = country.=20 Whether your product meets the above specifications. If not, Whether = your=20 specifications offer any distinct advantages in terms of prices, = quality,=20 after-sales service, etc. The import policy prevailing in the buyer's = country=20 (e.g. whether there is any import licensing, any restrictions on = remittances,=20 any pre-qualification for product/supplier, etc.)

The trade practices in the buyers' country with special reference to = your=20 product, information like whether importers import and distribute the=20 product/high sea sales, whether agent is required to book orders from = actual=20 users etc. In case your item requires after sales service, the manner in = which=20 it can be offered. The prices at which your product sells in the=20 retail/wholesale market, the duty structure and any other cost element = to arrive=20 at the landed cost. Information on the margins at which the product is = sold.=20 This information will help you in evolving a pricing strategy.

Study of various market segments viz. Importers, Supermarkets, = Government=20 Suppliers, Institutional Sales, Tenders, Suppliers, etc.

The various factors that rule the market viz. Quality, Price, = Delivery, Brand=20 Name, Credit Terms, etc. Role of advertising and publicity and reference = to the=20 product and the country.

A specimen export letter is given below :

Specimen of Introductory Letter to International Importers

Ref: TIL/NYK2001/ 14th Novl,2000

The Manager (Purchase)

M/s. TIL Ltd.

.........................

(U.S.A.)

Dear Sir,

We are exporters of a wide variety of items including .......... for = the last=20 ten years. Our major buyers are ......... in .......... We are one of = the=20 registered export houses in India. We represent .......... the leading=20 manufacturers of these items in India. These items are produced in = collaboration=20 with .........., the world famous company. We follow the ISI = specifications. We=20 believe that your company imports the items we export. We are enclosing = herewith=20 a copy of our brochure and price list for your perusal. We shall be glad = to send=20 you detailed literature/ samples of items that may be of interests to = you.

Yours sincerely,

For NYK Ltd.

Manager (Marketing)

Encl: As above.

Comments :

The text can be suitably amended with reference to the manufacturing = activity=20 or/items dealt in by the exporter.

Where the manufacturing is not in collaboration with a foreign = company, it=20 need not be referred to.

Product literature (of the buyer's interest) and price list should = invariably=20 be sent along with the letter.

The price list should categorically indicate whether the prices are = f.o.b.,=20 & C&f or c.i.f. etc. However, discount need not be indicated in = the=20 price list.

The profile about your company should generally include the following = matters:

Company's name and address /Telex /Telephone /Cable /Fax/Email/ = Date of=20 establishment=20
Export Executives=20
Status: Partnership/ Company (Pvt. Ltd./Pub.Ltd) Govt.(Semi-Govt.) =
Bank Reference=20
Exporting Since=20
Value of Assets=20
No. of Employees/ Manufacturing/ Sales/ Administration=20
Foreign Offices/Representatives, if any=20
Exporter/ Manufacturer/ Agent=20
Main Line=20
Technical Collaboration=20
Standards/Specification followed=20
Major Buyers- In India; Abroad

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Selecting the = markets=20

Target markets should be selected after careful consideration of = various=20 factors like political embargo, scope of exporter's selected product, = demand=20 stability, preferential treatment to products from developing countries, = market=20 penetration by competitive countries and products, distance of potential = market,=20 transport problems, language problems, tariff and non-tariff barriers,=20 distribution infrastructure, size of demand in the market, expected life = span of=20 market and product requirements, sales and distribution channels. For = this=20 purpose you should collect adequate market information before selecting = one or=20 more target markets. The information can be collected from various = sources like=20 Export Promotion Council (EPCs)/Commodity Boards, Federation of Indian = Export=20 Organisation, (FIEO), Indian Institute of Foreign Trade (IIFT), Indian = Trade=20 Promotion Organisation (ITPO), Indian Embassies Abroad, Foreign = Embassies in=20 India, Import Promotion Institutions Abroad, Overseas Chambers of = Commerce and=20 Industries, Various Directories, Journals, Market Survey Reports.

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Selecting prospective=20 Buyers=20

You can collect addresses of the prospective buyers of the commodity = from the=20 following sources:

Enquiries from friends and relatives or other acquaintances residing = in=20 foreign countries.

Visiting/ participating in International Trade Fairs and Exhibitions = in India=20 and abroad. Contact with the Export Promotion Councils, Commodity Boards = and=20 other Government Agencies. List given in Appendix 4 of this book).

Consulting International Yellow Pages (A Publication from New York by = Dun=20 & Bradstreet, USA or other Yellow Pages of different countries like=20 Japan,Dubai Etc.)

Collecting addresses from various Private Indian Publications = Directories=20 available on cost at Jain Book Agency,C-9, Connaught Place, New Delhi-1. = (PH.=20 3355686, Fax.3731117).

Collecting information from International Trade Directories/=20 Journals/periodicals available in the libraries of Directorate General = of=20 Commercial Intelligenceand Statistics, IIFT, EPCs, ITPO etc. A list of = selected=20 trade directories published abroad is given in Appendix 5 of this = book.

Making contacts with Trade Representatives of Overseas Govt. in India = and=20 Indian Trade and Other Representatives/ International Trade Development=20 Authorities abroad. A list of international trade development = authorities abroad=20 like Foreign Chambers of Commerce etc. is given in Nabhi's EXPORTERS = MANUAL AND=20 DOCUMENTATION.

Reading biweekly, fortnightly, monthly bulletins such as Indian Trade = Journal, Export Service Bulletin, Bulletins and Magazines issued and = published=20 by Federation of Exporters' Organisations, ITPO, EPCs, Commodity Boards = and=20 other allied agencies. A list of Indian Trade Periodicals containing = names and=20 addresses of importers is given in Appendix 6 of this book.

Visiting Embassies, Consulates etc. of other countries and taking = note of=20 addresses of importers for products proposed to be exported.

Advertising in newspapers having overseas editions and other foreign=20 newspapers and magazines etc.

Consulting ITPO,IIFT,etc.

Contacting authorised dealers in foreign exchange with whom exporter = is=20 maintaining bank account.

Overseas importers can be contacted or informed about the products by = the=20 following methods:

By corresponding and sending brochures and product literature to = prospective=20 overseas buyers.

By undertaking trips to foreign markets and establishing personal = rapport=20 with overseas buyers. The number of trips will depend on your budget and = resources. But it is essential forlong-term success in international = marketing=20 to establish personal rapport. Foreign trip will provide first-hand = information=20 regarding the market, overseas customers, their requirement, taste, = preference=20 and better out communication of the merits of exporters' products.

Participation in buyer-seller meets and meeting the members of = foreign=20 delegation invited by Export Promotion Councils concerned.

Participation in international trade fairs, seminars.

Advertisement and publicity in overseas reputed newspapers and = magazines.=20 Facilities of free publicity can be availed from Import Development = Centres.

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Selecting channels of=20 distribution=20

The following channels of distribution are generally utilised while = exporting=20 to overseas markets :

Exports through Export Consortia=20
Export through Canalising Agencies=20
Export through Other Established Merchant Exporters or Export = Houses, or=20 Trading Houses=20
Direct Exports=20
Export through Overseas Sales Agencies

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Negotiating with Prospective=20 Buyers=20

Whatever the channel of distribution for exporting to the overseas = countries=20 is proposed to be is utilized, it is essential that the exporters should = possess=20 the necessary skill for negotiating with the overseas channels of = distribution.=20 The ability to negatiate effectively is needed for discussion with = importers or=20 trade agents. While conducting business negotiations, the prospective = exporter=20 should avoid conflict, controversy and criticism vis-`-vis the other = party.=20 During conversation the attitude should be to communicate effectively. = There=20 should be coherence, creativity, compromise, concessions, commonality,=20 consensus, commitment and compensation in business negotiations. The = general=20 problem you may face is about pricing. The buyer's contention is that = prices are=20 too high. It should be noted that though the price is only one of the = many=20 issues that are discussed during business negotiations, it influences = the entire=20 negotiating process.

Since this is the most sensitive issue in business negotiations, it = should be=20 tactfully postponed until all the issues have been discussed and = mutually agreed=20 upon. As far as the price is concerned, you should try to determine the = buyer's=20 real interest in the product from the outset, only then a suitable = counter=20 proposal should be presented. It should also be remembered that the = buyer may=20 request modifications in presentation of the product. You should show = the=20 willingness to meet such request, if possible, provided that it will = result in=20 profitable export business. Price being the most important sales tool, = it has to=20 be properly developed and presented.

Therefore, in order to create a favorable impression, minimize costly = errors=20 and generate repeated business. The following points should be kept in = mind=20 while preparing the price list:

Submit a typewritten list, printed on the regular bond paper and laid = out=20 simply and clearly (with at least an inch between columns and between = groupings)=20 Prominently indicate the name of your company, its full address, = telephone and=20 fax numbers, including the country and city codes. Fully describe the = items=20 being quoted. Group the items logically( i.e. all the fabrics together, = all the=20 made-up together etc.).

Specify whether shipped by sea or by air, f.o.b. or c.i.f. and to = what=20 port.

Quote exact amount and not rounded-off figures.

Mention the dates upto which the prices quoted will remain valid.

Where there is an internal reference number which must be quoted, to = keep it=20 short (the buyer has no interest in this detail and the more complex it = is, the=20 greater is the risk of error).

As regards the factors determining your price, please refer to = 'EXPORT=20 PRICING AND COSTING'

One main point regarding export pricing is that while negotiating = with=20 overseas buyer, you may not remember the cost of a product. It may also = be=20 difficult for you to remember the profit margin built in various prices = quoted=20 by you. A clear jotting of this information is not free from the risk of = being=20 leaked out to the competitors or to the overseas buyers.

Some coding is, therefore, essential for the prices quoted by you so = that at=20 any stage/point of time, you can always utilise the information, = enabling you to=20 profitably negotiate with the overseas buyer. This can be done by = assigning=20 codes to the cost price.

For assigning codes to the cost price, you may select an English = password=20 consisting of 10 separate letters, each letter to represent a numerical = figure.=20 For example: 'CRAZY MOUTH' is the password selected by you, where C=3D1, = R=3D2, A=3D3,=20 Z=3D4, Y=3D5, M=3D6, O=3D7, U=3D8, T=3D9, H=3D0. This password can be = successfully used for=20 recognising various items of exports and their varieties.

Thus, a brass candle stand which is being quoted at Rs. 100(sale = price) but=20 whose cost price to you is Rs 25.50 will be coded as item number 'RYYH' = and then=20 assigned with a running serial number to make it more fascinating. You = can=20 decode the word 'RYYH' to write as Rs 25.50 so as to get an idea of = difference=20 between the Sale Price and the Cost Price, which will provide you the = range=20 within which you can negotiate with overseas buyers.

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Processing an Export=20 order=20

You should not be happy merely on receiving an export order. You = should first=20 acknowledge the export order, and then proceed to examine carefully in = respect=20 of items, specification, preshipment inspection, payment conditions, = special=20 packaging, labeling and marketing requirements, shipment and delivery = date,=20 marine insurance, documentation etc. if you are satisfied on these = aspects, a=20 formal confirmation should be sent to the buyer, otherwise clarification = should=20 be sought from the buyer before confirming the order. After confirmation = of the=20 export order immediate steps should be taken for procurement/manufacture = of the=20 export goods. In the meanwhile, you should proceed to enter into a = formal export=20 contract with the overseas buyer.

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Entering into an Export=20 contract=20

In order to avoid disputes, it is necessary to enter into an export = contract=20 with the overseas buyer. For this purpose, export contract should be = carefully=20 drafted incorporating comprehensive but in precise terms, all relevant = and=20 important conditions of the trade deal.

There should not be any ambiguity regarding the exact specifications = of goods=20 and terms of sale including export price, mode of payment, storage and=20 distribution methods, type of packaging, port of shipment, delivery = schedule=20 etc. The different aspects of an export contract are enumerated as under = :

Product, Standards and Specifications=20
Quantity=20
Inspection=20
Total Value of Contract=20
Terms of Delivery=20
Taxes, Duties and Charges=20
Period of Delivery/Shipment=20
Packing, Labeling and Marking=20
Terms of Payment-- Amount/Mode & Currency=20
Discounts and Commissions=20
Licenses and Permits=20
Insurance=20
Documentary Requirements=20
Guarantee=20
Force Majeure of Excuse for Non-performance of contract=20
Remedies=20
Arbitration It will not be out of place to mention here the = importance of=20 arbitration clause in an export contract Court proceedings do not = offer a=20 satisfactory method for settlement of commercial disputes, as they = involve=20 inevitable delays, costs and technicalities. On the other hand, = arbitration=20 provides an economic, expeditious and informal remedy for settlement = of=20 commercial disputes. Arbitration proceedings are conducted in privacy = and the=20 awards are kept confidential. The Arbitrator is usually an expert in = the=20 subject matter of the dispute. The dates for arbitration meetings are = fixed=20 with the convenience of all concerned. Thus, arbitration is the most = suitable=20 way for settlements of commercial disputes and it may invariably be = used by=20 businessmen in their commercial dealings.=20
The Indian Council of Arbitration Federation House, Tansen Marg, = New Delhi.=20 (Ph. 3319251 Fax:3320714) is a specialized arbitration institution = providing=20 arbitration facilities for all types of domestic or international = commercial=20 disputes. You should use their services as far a possible.

BRIEF SPECIMEN CONTRACT FORM FOR SALE PURCHASE TRANSACTIONS

EXPORTS AND IMPORTS
1. Name and address of the parties.......(state correct appellation = and=20 complete address of the parties)=20
2. We, the above named parties have entered into this contract for = the=20 sale/purchase, etc. ....... (state briefly the purpose of the = contract) on=20 this ........(date) at ........(place)..... subject to the following = terms=20 and conditions:=20
  1. Goods ................=20
  2. Quantity ...............Quality................. (Describe the = quantity, quality and the other specifications of the goods = precisely as=20 per the agreement. An agency for inspection/certification of = quality=20 and/or quantity may also be stipulated).=20
  3. Price................ Mode of payment = ...................(Quote the=20 price, terms, i.e. ex-works/FOB(free on board) CIF(Cost, Insurance = &=20 Freight) etc. in the currency agreed upon and describe the mode of = payment=20 i.e. payment against L/C(letter of credit)/DA (document against=20 acceptance) /D/P(document against payment)etc. It is also = desirable to=20 mention the exchange rate.)=20
  4. Shipment...............(Specify date of delivery and the = maximum=20 period upto which delivery could be delayed and for which reasons, = port of=20 shipment and delivery should be mentioned).=20
  5. Packing and marking...............(Requirements to be = specified=20 precisely)=20
  6. Insurance .................(State the type of insurance cover=20 required, i.e. FPA(free from particular average)/WA (with = average)/ All=20 Risks, etc. State also the party responsible for insurance)=20
  7. Brokerage/Commission ........(if any payable may be mentioned) =
  8. Passing of the property and of risk. The property or ownership = of the=20 goods and the risk shall finally pass to the buyer at such stage = as the=20 parties may agree, i.e. when the goods are delivered at the = seller's place=20 of work/pass the ship's rails/are covered by insurance etc. as per = agreed=20 terms).
Arbitration=20
Arbitration clause recommended by the Indian Council of = Arbitration: "All=20 disputes or differences whatsoever arising between the parties out of = relating=20 to the construction, meaning and operation or effect of this contract = or the=20 breach thereof shall be settled by arbitration in accordance with the = rules of=20 the arbitration of the Indian Council of Arbitration and the award = made in=20 pursuance thereof shall be binding on the parties."(or any other = arbitration=20 clause that may be agreed upon between the parties). 3.Any other = special=20 condition, prevalent in or relevant to the particular line of trade or = transaction, may also be specified.

Sd/-Seller

Sd/-Buyer

Notes: The above specimen contract form, drawn up = in brief=20 essentials, is meant for simple small scale transactions and is = intended to=20 draw the attention of the parties to important aspects of the trade = deal in=20 drafting the contract. The parties are free to add to or modify the = terms as=20 per the peculiar nature of their trade transaction. They may also = consult with=20 advantage, experienced commercial or arbitration bodies for the = purpose or=20 study published literature on the subject. The use of the arbitration = clauses=20 in commercial contracts is becoming increasingly commom, particularly = in=20 export-import transactions, with a view to promoting smooth and swift = flow of=20 business. The Indian Council of Arbitration (ICA) which is partly = founded by=20 the Government of India, provides comprehensive institutional = arbitration=20 service to all government departments and public undertakings as well = as=20 private traders, exporters and importers in India for amicable and = quick=20 settlement of all types of commercial disputes. It has been suggested = by the=20 Ministry of Commerce that all commercial organisations should make use = of the=20 arbitration clause of the Council in their commercial contracts with = Indian=20 and foreign parties.

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Export Pricing and=20 Costing=20
Export pricing should be differentiated from export costing. Price = is what=20 we offer to the customer.Cost is the price that we pay/incur for the = product.=20 Price includes our profit margin, cost includes only expenses we have=20 incurred. Export pricing is the most important tool for promoting = sales and=20 facing international competition. The price has to be realistically = worked out=20 taking into consideration all export benefits and expenses. However, = there is=20 no fixed formula for successful export pricing. It will differ from = exporter=20 to exporter depending upon whether the exporter is a merchant exporter = or a=20 manufacturer exporter or exporting through a canalising agency. You = should=20 also assess the strength of your competitor and anticipate the move of = the=20 competitor in the market. Pricing strategies will depend on various=20 circumstantial situations. You can still be competitive with higher = prices but=20 with better delivery package or other advantages.

Your prices will be determined by the following factors:
- Range of products offered=20
- Prompt deliveries and continuity in supply=20
- After-sales service in products like machine tools, consumer = durables=20
- Product differentiation and brand image=20
- Frequency of purchase=20
- Presumed relationship between quality and price=20
- Specialty value goods and gift items=20
- Credit offered=20
- Preference or prejudice for products originating from a = particular=20 source=20
- Aggressive marketing and sales promotion=20
- Prompt acceptance and settlement of claims=20
- Unique value goods and gift items
Export Costing is basically Cost Accountant's job. It consists of = fixed=20 cost and variable cost comprising various elements. It is advisable to = prepare=20 an export costing sheet for every export product. For the format of = the export=20 costing sheet and other relevant details refer to Nabhi's EXPORTERS = MANUAL AND=20 DOCUMENTATION.As regards quoting the prices to the overseas buyer, the = same=20 are quoted in the following internationally accepted terms:

Ex-Works: 'Ex-works' means that your = responsibility is to=20 make goods available to the buyer at works or factory. The full cost = and risk=20 involved in bringing the goods from this place to the desired = destination will=20 be borne by the buyer. This term thus represents the minimum = obligation for=20 you. It is mostly used for sale of plantation commodities such as tea, = coffee=20 and cocoa.

Free on Rail(FOR): Free on Truck(FOT):These terms = are used=20 when the goods are to be carried by rail, but they are also used for = road=20 transport. Your obligations are fulfilled when the goods are delivered = to the=20 carrier.

Free Alongside Ship (FAS): Once the goods have = been placed=20 alongside the ship, your obligations are fulfilled and the buyer = notified. The=20 buyer has to contract with the sea carrier for the carriage of the = goods to=20 the destination and pay the freight. The buyer has to bear all costs = and risks=20 of loss or damage to the goods hereafter.

Free on Board (FOB): Your responsibility ends the = moment=20 the contracted goods are placed on board the ship, free of cost to the = buyer=20 at a port of shipment named in the sales contract. 'On board' means = that a=20 'Received for Shipment' B/L (Bill of Lading) is not sufficient. Such = B/L if=20 issued must be converted into 'Shipped on Board B/L' by using the = stamp=20 'Shipped on Board' and must bear signature of the carrier or his = authorised=20 representative together with date on which the goods were = 'boarded'.

Cost and Freight (C&F): You must on your own = risk and=20 not as an agent of the buyer, contract for the carriage of the goods = to the=20 port of destination named in the sale contract and pay the freight. = This being=20 a shipment contract, the point of delivery is fixed to the ship's rail = and the=20 risk of loss or of damage to the goods is transferred from the seller = to the=20 buyer at that very point. As will be seen though you bear the cost of = carriage=20 to the named destination, the risk is already transferred to the buyer = at the=20 port of shipment itself.

Cost Insurance Freight (CIF): The term is = basically the=20 same as C&F, but with the addition that you have to obtain = insurance at=20 your cost against the risks of loss or damage to the goods during the=20 carriage.

Freight or Carriage Paid (DCP): While C&F is = used for=20 goods which are to be carried by sea, the term "DCP" is used for land=20 transport only, including national and international transport by = road, rail=20 and inland waterways. You have to contract for the carriage of the = goods to=20 the agreed destination named in the contract of the sale and pay = freight. Your=20 obligations are fulfilled when the goods are delivered to the first = carrier=20 and not beyond. In case the buyer desires you to insure the goods till = the=20 destination, he would add 'including insurance' before the word 'Paid = in=20 Freight' or 'Carriage Paid to'.

EXS/EX-Ship: This is an arrival contract and means = that=20 you make the goods available to the buyer in the ship at the named = port of=20 destination as per sales contract. You have to bear the full cost and = risk=20 involved in bringing the goods there. Your obligation is fulfilled = before the=20 customs border of the foreign country and it is for the buyer to = obtain=20 necessary import license at his own risk and expense.

EXQ/Ex-Quay: Ex-Quay means that you make the goods = available to the buyer at a named quay. As in the term 'Ex-Ship' the = points of=20 division of costs and risks coincide, but they have now been moved one = step=20 further -- from the ship into the quay or wharf i.e. after crossing = the=20 customs border at destination. Therefore, in addition to arranging for = carriage and paying freight and insurance you have to bear the cost of = unloading the goods from the ship.

Delivered at Frontier (DAF): The term is primarily = intended to be used when the goods are to be carried by rail or road. = Your=20 obligations are fulfilled when the goods have arrived at the frontier, = but=20 before the 'Customs border' of the country named in the sales = contract.

Delivery Duty Paid (DDP): This term may be used=20 irrespective of the type of transport involved and denotes your = maximum=20 obligation as opposed to 'Ex-Works'. You have not fulfilled his = obligation=20 till such time that the goods are made available at his risk and cost = to the=20 buyer at his premises or any other named destination. In the latter = case=20 necessary documents (e.g. transport document or Warehouse Warrant) = will have=20 to be made available to the buyer to enable him to take delivery of = goods. The=20 term 'duty' includes taxes, fees and charges.Therefore, the obligation = to pay=20 VAT (Value Added Tax) levied upon importation will fall upon you. It = is,=20 therefore, advisable to use 'exclusive of VAT' after the words 'duty=20 paid'.

FAO/FOB Airport: 'FOB Airport' is based on the = same main=20 principle as the ordinary FOB term. You fulfill your obligation by = delivering=20 the goods to the air carrier at the airport of departure. Without the = buyer's=20 approval delivery at a town terminal outside the airport is not = sufficient,=20 your obligations with respect to costs and risks do not extend to the = arrival=20 of the goods at the destination.

Free Carrier (Named Point) FRC: The term has been = designed=20 particularly to meet the requirements of modern transport like = 'multi-modal'=20 transport as container or 'roll-on-roll-off' traffic by trailers and = ferries.=20 The principles on which the term is based is same as applicable to FOB = except=20 that the seller or the exporter fulfills his obligations when he = delivers the=20 goods into the custody of the carrier at the named point.

Freight Carriage and Insurance Paid (CIP): The = term is=20 similar to 'Freight or Carriage Paid to'. However, in case of CIP you = have=20 additionally to procure transport insurance against the risk of loss = or damage=20 to the goods during the carriage. You contract with the insurer and = pay the=20 insurance premium.

= Back
Understanding risks in = International=20 trade=20
While selling abroad, you may undergo the following risks:
1. Credit risk=20
2. Currency risk=20
3. Carriage risk=20
4. Country risk
These risks can be insured to a great extent by taking appropriate = steps.=20 Credit risk against the buyer can be covered by insisting upon an = irrevocable=20 letter of credit from the overseas buyer. An appropriate policy from = Export=20 Credit and Guarantee Corporation of India Ltd. can also be obtained = for this=20 purpose. Country risks are also covered by the ECGC. As regards = currency risk,=20 i.e. possible loss due to adverse fluctuation in exchange rate, You = should=20 obtain forward cover from your bank authorised to deal in foreign = exchange.=20 Alternatively, you should obtain export order in Indian rupee. = Carriage risk,=20 i.e. possible loss of cargo in transit can be covered by taking a = marine=20 insurance policy from the general insurance companies. =

Registration=20

Registration with Reserve Bank Of India: No longer required. Prior = to=20 1.1.1997 it was compulsory for every exporter to obtain an exporters' = code=20 number from the Reserve Bank of India before engaging in export. This = has=20 since been dispensed with and registration with the licensing = authorities is=20 sufficient before commencing export or import.=20
Registration with Regional Licensing: Authorities (obtaining IEC = Code=20 Number) The Customs Authorities will not allow you to import or export = goods=20 into or from India unless you hold a valid IEC number. For obtaining = IEC=20 number you should apply to Regional Licensing Authority (list given in = Appendix 2) in duplicate in the prescribed form given in Appendix 1. = Before=20 applying for IEC number it is necessary to open a bank account in the = name of=20 your company / firm with any commercial bank authorised to deal in = foreign=20 exchange. The duly signed application form should be supported by the=20 following documents:=20
Bank Receipt (in duplicates)/Demand Draft for payment of the fee of = Rs.=20 1,000/-.

Certificate from the Banker of the applicant firm as per Annexure 1 = to the=20 form given in Appendix 1 of this Book.

Two copies of Passport size photographs of the applicant duly = attested by=20 the banker to the applicants.

A copy of Permanent Account Number issued by Income Tax = Authorities. If PAN=20 has not been allotted, a copy of application of PAN submitted to = Income Tax=20 Authorities.

In case the application is signed by an authorised signatory, a = copy of the=20 letter of legal authority may be furnished.

If there is any non-resident interest in the firm and NRI = investment is to=20 be made with repatriation benefits, a simple declaration indicating = whether it=20 is held with the general/specific permission of the RBI on the letter = head of=20 the firm should be furnished. In case of specific approval, a copy may = also be=20 furnished.

Declaration by the applicant that the = proprietors/partners/directors of the=20 applicant firm/company, as the case may be, are not associated as=20 proprietor/partners/directors with any other firm/company which has = been=20 caution-listed by the RBI. Where the applicant is so associated with a = caution-listed firm/company the IEC No. is allotted with a condition = that he=20 can export only with the prior approval of the RBI.

Exporter's Profile as per form attached to Appendix 1 of this book = (See=20 Appendix 1A of this Book). The Regional Licensing Authority concerned = will on=20 merits grant an IEC number to the applicant. The number should = normally be=20 given within 3 days provided the application is complete in all = respects and=20 is accompanied by the prescribed documents. An IEC number allotted to = an=20 applicant shall be valid for all its branches/divisions as indicated = on the=20 IEC number.

Register With Export Promotion = Council=20
In order to enable you to obtain=20 benefits/concession under the export-import policy, you are required to = register=20 yourself with an appropriate export promotion agency by obtaining=20 registration-cum- membership certificate.=20

For this purpose you should apply in the prescribed form, given at = Appendix 3=20 of this Book to the Export Promotion Council relating to your main line = of=20 business.

For list of Registering Agencies, please refer to Appendix 4 of this = Book.=20 However, if the export is such that it is not covered by any EPC, RCMC = in=20 respect thereof may be obtained from the Regional Licensing Authority=20 concerned.

An application for registration should be accompanied by a self = certified=20 copy of the Importer-Exporter code number issued by the Regional = Licensing=20 Authority concerned and bank certificate in support of the applicant's = financial=20 soundness. In case an exporter desires to get registration as a = manufacturer=20 exporter, he should furnish evidence to that effect. In the case of a=20 manufacturer exporter the licensing authority may seek copy of = registration with=20 SSI/any other sponsoring authority in addition to the application in the = prescribed form for the Import Export Code Number.

If the application for registration is granted, the EPC or FIEO shall = issue=20 the RCMC indicating the status of the applicant as merchant exporter or=20 manufacturer exporter. The RCMC shall be valid for five years ending = 31st March=20 of the licensing year. The certificate shall be deemed to be valid from = 1st=20 April of the licensing year in which it was issued.

Registration With Sales Tax Authorities: Goods which are to be = shipped out of=20 the country for export are eligible for exemption from both Sales Tax = and=20 Central Sales Tax. For this purpose, you should get yourself registered = with the=20 Sales Tax Authority of your state after following the procedure = prescribed under=20 the Sales Tax Act applicable to your State.

Despatching Samples =
As the overseas buyers generally insist for the = samples=20 before placing confirmed orders, it is essential that the samples are=20 attractive, informative and have retention and reminder value. Besides, = the=20 exporter should know the Government policy and procedures for export of = samples=20 from India. He should also be aware about the cheapest modes of sending=20 samples.=20

In this connection, it is advised that the postal channel is = comparatively=20 cheaper than sending samples by air. While sending samples through = postal=20 channel due regard should be given to weight and dimension of the post = parcels=20 as postal authorities have prescribed maximum weight and dimension for = the post=20 parcels handled by them. Where it is not possible to send the samples by = post=20 parcels, the same may be sent by air. So far as the Government policy = regarding=20 export of samples is concerned, distinction has been made between export = of=20 commercial samples and gift parcels. In terms of Para 11.4 of the Import = Export=20 Policy as modified upto 31.3.1999, goods including edible items of value = not=20 exceeding Rs.1,00,000 in a licensing year may be exported as a gift. = Items=20 mentioned as restricted for exports in the ITC (HS) Classifications of = Export=20 & Import Items shall not be exported as a gift without a license = except in=20 the case of edible items. Export of bonafide trade and technical samples = having=20 indelible marking as "sample not for sale" is allowed freely without any = limit.=20 However, in such cases where indelible marking is not available, the = samples may=20 be allowed for a value not exceeding US $ 10,000, per consignment. In = addition=20 the exporter has the option to avail the facility of free samples upto = US $=20 5,000 or 1% of the preceding year's exports, whichever is higher. An = application=20 for export of gifts/samples in excess of the limits specified above may = be made=20 to the DGFT.

Special provisions have been made for export of garment samples. = Garment=20 samples are allowed to be exported only by exporters who are registered = with the=20 Apparel Export Promotion Council (AEPC) or the Wool and Woolen Export = Promotion=20 Council for woolen Knitwears. Export of samples to be sent by post = parcel or air=20 freight are further divided into 3 categories, namely : 1.Samples of = value upto=20 Rs.10,000, 2.Samples of value less than Rs. 25,000, 3.Samples of value = more than=20 Rs. 25,000.Where the value of the articles is less than Rs. 10,000, the = exporter=20 should file a simple declaration that the sample does not involve = foreign=20 exchange and its value is less than Rs. 10,000.Where the value of = samples is=20 more than Rs. 10,000 but less than Rs. 25,000 you should obtain a value=20 certificate from the authorised dealer in foreign exchange (i.e. your = bank). For=20 this purpose, you should submit a commercial invoice certifying thereon = that the=20 parcel does not involve foreign exchange and the aggregate value of the = samples=20 exported by you does not exceed Rs. 25,000 in the current calendar = year.If the=20 value of samples exceeds Rs. 25,000 you should obtain Gr/PP waiver from = the=20 Reserve Bank of India.

Export of trade samples is allowed by sea/air (as distinguished from=20 sea/airmail) without any value restriction, provided the customs = authorities are=20 satisfied about the bona fide of the goods that they do not fall in the = export=20 control restrictions. However, customs authorities may ask for suitable=20 documentary evidence in this regard viz. correspondence etc. with the = overseas=20 buyer. Trade samples against which the foreign buyer agrees to make = payment can=20 be exported in the same manner in which normal exports are effected. = Samples can=20 also be carried personally by you while traveling abroad provided these = are=20 otherwise permissible or cleared for export as explained earlier.

However, in case of precious jewelry/stone items, you should declare = the same=20 to the customs authorities while leaving the country and obtain = necessary=20 endorsement on export certificate issued by the Jewelry Appraiser of the = Customs.

Appointing Agents
Selling through an overseas agent is an = effective strategy.=20 These agents serve as a source of market intelligence. Regularly sending = the=20 latest trends on the current fashion, taste and price in the market. = Being a man=20 on the spot, the agent is in a position to render his advice to exporter = or new=20 methods and strategy for pushing up sales of your products. He also = provides you=20 support in the matter of transportation, reservation of accommodation,=20 appointment with the government as and when required by you. In some = countries=20 it is compulsory under their law to sell through local agents only. It = is,=20 therefore, essential that you should carefully select your overseas=20 agent.=20

Consider the points listed below when appointing an Agent :

Size of the agent's company=20
Date of foundation of the agent's company=20
Company's ownership and control=20
Company's capital, funds, available and liabilities=20
Name, age and experience of the company's senior executives=20
Number, age and experience of the company's salesman=20
Oher agencies that the company holds, including those of competing = products and turn-over of each=20
Length of company's association with other principal=20
New agencies that the company obtained or lost during the past = year=20
Company's total annual sales and the trends in its sales in recent = years=20
Company's sales coverage, overall and by area=20
Number of sales calls per month and per salesman by company staff=20
Any major obstacles expected in the company's sales growth=20
Agent's capability to provide sales promotion and advertising = services=20
Agent's transport facilities and warehousing capacity=20
Agent's rate of commission; payment terms required=20
References on the agents from banks, trade associations and major = buyers=20

Some source of information on agents are:

Government Departments Trade Associations=20
Chambers of Commerce=20
Banks=20
Independent Consultants=20
Export Promotion Councils=20
Advertisement Abroad.

Specimen Copy of Agreement =
An agreement made this the ....... day ....... = of between=20 .......(name and address) hereinafter called the exporters of the first = part and=20 ........ (name and address) hereinafter called the importers of the = second part,=20 wherein the exporters grant to the importers the importation and selling = right=20 in the territory of ..........(fill name of country) for .........(names = and=20 brief description of product) subject to the terms and conditions given = below=20 :=20

The exporter agrees that during the currency of the agreement he = will not=20 correspond or in any way deal with any part in the territory specified = unless=20 requested to do so by the importers.=20
The exporter agrees that any orders or enquiries relating to the = specified=20 territory received by him during the currency of this agreement will = be passed=20 on to the importers to deal with.=20
The exporter agrees that he will make shipment of all orders = received from=20 the importers by earliest shipping opportunity unless prevented from = so doing=20 by circumstances beyond the former's control.=20
The exporter agrees to charge the importers for all goods ordered = during=20 the currency of this agreement the prices detailed in Price List No. = .........=20 appended to this agreement unless any order is received at least one = month=20 after notification of price changes by the exporter to the importer.=20
The exporter agrees to pay the importer commission on ......... = (fill in=20 the dates of each year during the currency of this agreement) at the = rate of=20 ...... per cent of ....... the F.O.B. value of all orders = satisfactorily=20 completed during the ...... months preceding the dates specified.=20
The exporter agrees that he will allow to the importers ........ = per cent=20 ....... of the value of all business satisfactorily completed with the = importers during the currency of this agreement as contribution = towards the=20 importer's costs in publicising the products covered by this = agreement. This=20 allowance is to be settled by deduction from the manufacturer's = invoices to=20 the importers.=20
The importers agree that during the currency of this agreement = they will=20 not sell, recommend or in any other way deal with any competing or = rivaling=20 lines in the territory specified.=20
The importers agree that they will use their best efforts and = endeavors at=20 all times during the currency of this agreement to promote the sales = of=20 products covered by this agreement.=20
The importers agree that they will make net and full payment for = all goods=20 ordered through confirmed and irrevocable letter of credit established = in=20 ........... (name of manufacturer's town or city). OR The importers = agree that=20 they will make net and full payment for all goods ordered against = presentation=20 of draft and shipping documents in ......... (name of importer's town = or=20 city). OR The importers agree that they will immediately upon = presentation at=20 ......... and retire such drafts net and in full upon maturity.=20
The importers agree that they will write to the manufacturer at = least once=20 each calendar month and will send to the manufacturer a full market = report on=20 the prospects for sale of the products covered by this agreement every = six=20 months.=20
The importer agrees that they will place regular and adequate = order with=20 the manufacturer amounting in total to not less than ........ during = the first=20 calendar year and not less than Rs. .......... in each and every = subsequent=20 year during the currency of this agreement.=20
This agreement shall become valid with effect from the date of = shipment of=20 the substantial order amounting in value of not less than Rs. ........ = and=20 remain in force for a period of twelve calendar months there from = subject to=20 either party being at liberty to terminate this agreement without = notice in=20 the event of the other party being in breach of any of the terms and=20 conditions stated herein.=20
Notwithstanding anything herein aforesaid if during the first = twelve=20 calendar months the importers have placed satisfactory orders with the = exporters amounting to not less than Rs. ....... this agreement shall = be=20 automatically renewed year after year provided that in the twelve = calendar=20 months immediately preceding the expiry date satisfactorily business = amounting=20 in total to not less than Rs. ....... has been placed by the importers = with=20 the manufacturer.=20
Any disputes arising under this agreement shall be settled in = accordance=20 with Indian Law in (.............)

Witness.............. (Exporter)

Witness.............. (Importer)

Acquire Export License =
Exports free unless regulated: = The current=20 Export Licensing Policy of the Government of India is contained in the = new=20 Import Export Policy and Procedures, 1997-2002 as amended upto = 31.3.1999. The=20 Policy and Procedures are amended from time to time and for latest = position=20 kindly refer to. However, for the sake of information of the prospective = exporters, it may be stated that all goods may be exported without any=20 restriction except to the extent such exports are regulated by the ITC = (HS)=20 Classifications of Export and Import items or any other provisions of = this=20 policy or any other law for the time being in force. The Director = General of=20 Foreign Trade may, however, specify through a Public Notice such terms = and=20 conditions according to which any goods, not included in the ITC (HS)=20 Classifications of Export and Import items may be exported without a = license.=20 Such terms and conditions may include Minimum Export Price (MEP), = registration=20 with specified authorities, quantitative ceilings and compliance with = other=20 laws, rules, regulations.=20

Application for an Export License: An application = for grant=20 of export license in respect of items mentioned in Schedule 2 of ITC = (HS)=20 Classifications of Export and Import items may be made in the form given = in=20 Appendix-18A or 18B or 18C, as the case may be, to the Director General = of=20 Foreign Trade and shall be accompanied by the documents prescribed = therein. The=20 Export Licensing Committee under the Chairmanship of Export Commissioner = shall=20 consider such applications on merits for issue of export licenses = special High=20 Powered Licensing Committee under the Chairmanship of Director General = of=20 Foreign Trade shall consider applications for export of dual purpose = chemicals=20 and for special materials, equipment and technologies, as specified in = Schedule=20 2 Appendix 5 and Schedule 2 Appendix 6 respectively of the book p 7 3 = titled=20 ITC(HS) Classifications of Export and Import items on the basis of = guidelines=20 issued in this regard from time to time.

Export of Canalised Items: An application for export = of=20 canalised items mentioned in ITC (HS) Classifications of Export and = Import items=20 may be made to the Director General of Foreign Trade.

Trade Fairs/Exhibitions: Any Indian wishing to = organise any=20 Trade Fair/Exhibition in India or abroad, would be required to obtain a=20 certificate from an officer of the rank not below that of an Under = Secretary to=20 the Government of India, in the Ministry of Commerce, or an Officer of = India=20 Trade Promotion Organisation, duly authorised by its chairman in this = behalf, to=20 the effect that such exhibition, fair or as the case may be, similar = show or=20 display, has been approved or sponsored by the Government of India in = the=20 Ministry of Commerce or the India Trade Promotion Organisation and the = same is=20 being held in public interest.

Gifts/Spares/Replacement Goods: For export of gifts, = indigenous/imported spares and replacement goods in excess of the = prescribed=20 ceiling/period, an application may be made to the Director General of = Foreign=20 Trade.

Export through Courier Service: Import/Exports = through a=20 registered courier service is permitted as per the Notification issued = by the=20 Department of Revenue. However, importability/exportability of such = items shall=20 be regulated in accordance with the policy.

Acquire Export Credit Insurance =
Export credit insurance protects = you from the=20 consequences of the payment risks, both political and commercial. It = enables you=20 to expand your overseas business without fear of loss. Further, it = creates a=20 favorable climate for you under which you can hope to get timely and = liberal=20 credit facilities from the banks at home.=20

You can obtain Export Credit Insurance from the Export Credit and = Guarantee=20 Corporation of India Limited. In order to provide you Export Credit = Insurance,=20 the following covers are issued by the ECGC :

Standard policies to protect you against the risk of not p 7 3 = receiving=20 payment while trading with overseas buyers on short-term credit.

Specific policies designed to protect you against the risk of not = receiving=20 payment in respect of:

exports on deferred payment terms=20
services rendered to foreign parties=20
construction work, including turnkey projects undertaken abroad =

The policies are either:

Whole Turnover Policies in the form of 'Open Cover' in respect of = shipments=20 made during 24 months period. You have to obtain credit limit on each = one of=20 your buyers to enable ECGC to approve a limit on the basis of credit = worthiness=20 of the buyer. These policies are basically similar to whole turnover = policies=20 but only apply to specific contracts.

Specific Policies for exports of capital goods on medium or long-term = credit,=20 turnkey projects, civil construction works and technical services.These = policies=20 are basically similar to whole turnover policies but only apply to = specific=20 contracts.

Financial guarantees issued to banks against risk involved in = providing=20 credit or guarantee facilities to you, and

Special schemes viz. transfer guarantee issued to protect banks which = add=20 confirmation to letters of credit, Insurance cover for Buyers' Credit, = Lines of=20 Credit, Joint Ventures and Overseas Investment Insurance, and Exchange=20 Fluctuation Risk Insurance. The other guarantees which banks can offer = to=20 youthrough ECGC schemes are :--- Bid Bonds,--- Advance Payments = Guarantee,---=20 Bank guarantee for due performance of the contract by the = exporter,---Bank=20 guarantee for payment of retention money,--- Bank guarantee for loans in = foreign=20 currencies. Details of these schemes can be obtained from your own = banker or=20 local office of the Export Credit and Guarantee Corporation of India = Ltd.

The Shipments (Comprehensive Risks) Policy is the one ideally suited = to cover=20 risks in respect of goods exported on short-term credit. Shipments to = associates=20 or to agents and those against letter of credit can be covered for only=20 political risks by suitable endorsements to the shipments (comprehensive = risks)=20 Policy. Premium is charged on such shipments at lower rates.

For obtaining a policy you should apply to the nearest office of the = ECGC in=20 the prescribed Form no.121 (obtainable from ECGC) along with the = following=20 documents :

Bank Certificate about the financial position=20
Application form for fixing the credit limit=20
Name/address of foreign buyer fixing sub-limits

After examining the proposal, ECGC would send the exporter an offer = letter=20 stating the terms of its cover and premium rates. The policy will be = issued=20 after the exporter conveys his consent to the premium rate and pays a=20 non-refundable policy fee of Rs. 100 for policies with maximum liability = limit p=20 7 3 upto Rs. 5 lakhs; Rs. 200 between Rs. 5 lakhs and Rs. 20 lakhs and = Rs. 100=20 for each additional Rs. 10 lakhs or part thereof subject to a ceiling of = Rs.=20 2500.As commercial risks are not covered in the absence of a credit = limit, you=20 are advised to apply to ECGC for approval of credit limit on buyer in = the=20 prescribed Form No:144 (obtainable from ECGC) before making shipment. = Credit=20 limit is the limit upto which claim can be paid under the policy for = losses on=20 account of commercial risks. If no application for credit limit on a = buyer has=20 been made, ECGC accepts liability for commercial risks upto a maximum of = Rs.=20 5,00,000 for D.P./C.A.D. transactions and Rs. 2,00,000 for D.A. = transactions=20 provided that at least three shipments have been effected to the buyer = during=20 the preceding two years on similar terms, at least one of them was not = less than=20 the discretionary limit availed of by the exporter and the buyer had = made=20 payment on the due dates.

Arranging Finance =
Financial assistance to the exporters are = generally provided=20 by Commercial Banks, before shipment as well as after shipment of the = said=20 goods. The assistance provided before shipment of goods is known as = per-shipment=20 finance and that provided after the shipment of goods is known as = post-shipment=20 finance.Pre-shipment finance is given for working capital for purchase = of=20 raw-material, processing, packing, transportation, ware-housing etc. of = the=20 goods meant for export. Post-shipment finance is provided for bridging = the gap=20 between the shipment of goods and realization of export proceeds. The = later is=20 done by the Banks by purchasing or negotiating the export documents or = by=20 extending advance against export bills accepted on collection basis. = While doing=20 so, the Banks adjust the pre-shipment advance, if any, already granted = to the=20 exporter.=20

Pre-Shipment = Finance

An application for pre-shipment advance should be made by you to your = banker=20 along with the following documents:

Confirmed export order/contract or L/C etc. in original. Where it is = not=20 available, an undertaking to the effect that the same will be produced = to the=20 bank within a reasonable time for verification and endorsement should be = given.=20 An undertaking that the advance will be utilised for the specific = purpose of=20 procuring/manufacturing/shipping etc., of the goods meant for export = only, as=20 stated in the relative confirmed export order or the L/C. If you are a=20 sub-supplier and want to supply the goods to the Export/Trading/Star = Trading=20 House or Merchant Exporter, an undertaking from the Merchant

Exporter or Export/Trading/Star Trading House stating that they have = not/will=20 p 7 3 not avail themselves of packing credit facility against the same=20 transaction for the same purpose till the original packing credit is = liquidated.=20 Copies of Income Tax/Wealth Tax assessment Order for the last 2-3 years = in the=20 case of sole proprietary and partnership firm. Copy of Exporter's Code = Number=20 (CNX). Copy of a valid RCMC (Registration-cum-Membership Certificate) = held by=20 you and/or the Export/Trading/StarTrading House Certificate. Appropriate = policy/guarantee of the ECGC.

Any other document required by the Bank. For encouraging exports, = R.B.I. has=20 instructed the banks to grant preshipment advance at a concessional rate = of=20 interest. The present rate of interest is 10% p.a. for preshipment = advance upto=20 an initial period of 180 days. Preshipment advance for a further period = of 90=20 days is given at the concessional rate of 13% p.a. Banks are free to = determine=20 the interest rate for advances beyond 270 days and upto 360 days.

Following special schemes are also available in respect of = pre-shipment=20 finance:

Exim Bank's scheme for grant of foreign currency pre-shipment credit = to=20 exporters for financing cost of imported inputs for manufacture of = export=20 products.

Scheme of export packing credit to sub-suppliers from export = order.

Packing credit for deemed exports.

Pre-shipment Credit in Foreign Currency (PCFC). For further details = refer to=20 Nabhi's "How to Borrow from Financial and Banking Institutions".

Post Shipment = Finance

Post-shipment finance is the finance provided against shipping = documents. It=20 is also provided against duty drawback claims. It is provided in the = following=20 forms:

Purchase of Export Documents drawn under Export = Order:=20 Purchase or discount facilities in respect of export bills drawn under = confirmed=20 export order are generally granted to the customers who are enjoying = Bill=20 Purchase/Discounting limits from the Bank. As in case of purchase or = discounting=20 of export documents drawn under export order, the security offered under = L/C by=20 way of substitution of credit-worthiness of the buyer by the issuing = bank is not=20 available, the bank financing is totally dependent upon the credit = worthiness of=20 the buyer, i.e. the importer, as well as that of the exporter or the=20 beneficiary. The documents dawn on DP basis are parted with through = foreign=20 correspondent only when payment is received while in case of DA bills = documents=20 (including that of title to the goods) are passed on to the overseas = importer=20 against the acceptance of the draft to make payment on maturity. DA = bills are=20 thus unsecured. The bank financing against export bills is open to the = risk of=20 non-payment. Banks, in order to enhance security, generally opt for ECGC = policies and guarantees which are issued in favor of the exporter/banks = to=20 protect their interest on percentage basis in case of non-payment or = delayed=20 payment which is not on account of mischief, mistake or negligence on = the part=20 of exporter. Within the total limit of policy issued to the customer,=20 drawee-wise limits are generally fixed for individual customers. At the = time of=20 purchasing the bill bank has to ascertain that this drawee limit is not = exceeded=20 so as to make the bank ineligible for claim in case of non-payment.

Advances against Export Bills Sent on Collection: It = may=20 sometimes be possible to avail advance against export bills sent on = collection.=20 In such cases the export bills are sent by the bank on collection basis = as=20 against their purchase/discounting by the bank. Advance against such = bills is=20 granted by way of a 'separate loan' usually termed as 'post-shipment = loan'. This=20 facility is, in fact, another form of post- shipment advance and is = sanctioned=20 by the bank on the same terms and conditions as applicable to the = facility of=20 Negotiation/Purchase/Discount of export bills. A margin of 10 to 25% is, = however, stipulated in such cases. The rates of interest etc., = chargeable on=20 this facility are also governed by the same rules. This type of facility = is,=20 however, not very popular and most of the advances against export bills = are made=20 by the bank by way of negotiation/purchase/discount.

Advance against Goods Sent on Consignment Basis: = When the=20 goods are exported on consignment basis at the risk of the exporter for = sale and=20 eventual remittance of sale proceeds to him by the agent/consignee, bank = may=20 finance against such transaction subject to the customer enjoying = specific limit=20 to that effect. However, the bank should ensure while forwarding = shipping=20 documents to its overseas branch/correspondent to instruct the latter to = deliver=20 the document only against Trust Receipt/Undertaking to deliver the sale = proceeds=20 by specified date, which should be within the prescribed date even if = according=20 to the practice in certain trades a bill for part of the estimated value = is=20 drawn in advance against the exports.

Advance against Undrawn Balance: In certain lines of = export=20 it is the trade practice that bills are not to be drawn for the full = invoice=20 value of the goods but to leave small part undrawn for payment after = adjustment=20 due to difference in rates, weight, quality etc. to be ascertained after = approval and inspection of the goods. Banks do finance against the = undrawn=20 balance if undrawn balance is in conformity with the normal level of = balance=20 left undrawn in the particular line of export subject to a maximum of = 10% of the=20 value of export and an undertaking is obtained from the exporter that he = will,=20 within 6 months from due date of payment or the date of shipment of the = goods,=20 whichever is earlier surrender balance proceeds of the shipment. Against = the=20 specific prior approval from Reserve Bank of India the percentage of = undrawn=20 balance can be enhanced by the exporter and the finance can be made = available=20 accordingly at higher rate. Since the actual amount to be realised out = of the=20 undrawn balance, may be less than the undrawn balance, it is necessary = to keep a=20 margin on such advance.

Advance against Retention Money: Banks also grant = advances=20 against retention money, which is payable within one year from the date = of=20 shipment, at a concessional rate of interest up to 90 days. If such = advances=20 extend beyond one year, they are treated as deferred payment advances = which are=20 also eligible for concessional rate of interest.

Advances against Claims of Duty Drawback: Duty = Drawback is=20 permitted against exports of different categories of goods under the = 'Customs=20 and Central Excise Duty Drawback Rules, 1995'. Drawback in relation to = goods=20 manufactured in India and exported means a rebate of duties chargeable = on any=20 imported materials or excisable materials used in manufacture of such = goods in=20 India or rebate on excise duty chargeable under Central Excises Act, = 1944 on=20 certain specified goods. The Duty Drawback Scheme is administered by = Directorate=20 of Duty Drawback in the Ministry of Finance. The claims of duty drawback = are=20 settled by Custom House at the rates determined and notified by the = Directorate.=20 As per the present procedure, no separate claim of duty drawback is to = be filed=20 by the exporter. A copy of the shipping bill presented by the exporter = at the=20 time of making shipment of goods serves the purpose of claim of duty = drawback as=20 well. This claim is provisionally accepted by the customs at the time of = shipment and the shipping bill is duly verified. The claim is settled by = customs=20 office later. As a further incentive to exporters, Customs Houses at = Delhi,=20 Mumbai, Calcutta, Chennai, Chandigarh, Hyderabad have evolved a = simplified=20 procedure under which claims of duty drawback are settled immediately = after=20 shipment and no funds of exporter are blocked.

However, where settlement is not possible under the simplified = procedure=20 exporters may obtain advances against claims of duty drawback as = provisionally=20 certified by customs.

Negotiation of Export documents Drawn under L/C: = This aspect=20 has been discussed in the chapter on Special Care for negotiation of = Export=20 Documents under Letter of Credit.

Rates of Interest =
The rate of interest depends on the nature of = the Bills,=20 i.e., whether it is a demand bill or usance bill. Like pre-shipment,=20 post-shipment finance is also available at concessional rate of = interest.=20 Present Rates of interest are as under:=20

Demand Bills for transit period Not exceeding ( as specified by = FEDAI) 10%=20 p.a.

Usance Bills (for total period comprising usance period of ex-port = bills,=20 transit period as specified by FEDAI and grace period, wherever = applicable:

Upto 90 days 10% p.a.=20
Beyond 90 days and upto six 12% p.a.months from the date of = shipment.=20
Beyond six months from the 20% date of Shipment (Minimum) =

Against duty drawback etc., receive- Not exce-vable from Government = covered=20 by adding 10%ECGC guarantees (upto 90 days) p.a. 4. Against undrawn = balance=20 (upto 90 days) -- do -- 5.Against retention money (for suppl- -- do -- = ies=20 portion only) payable within one year from the date of shipment (upto90=20 days)

Normal Transit Period: Foreign Exchange Dealers = Association=20 of India (FEDAI) has fixed transit period for export bills drawn on = different=20 countries in the world. The concept of this transit period is that an = export=20 bill should normally be realised within that period. The transit period = so fixed=20 by FEDAI is known as 'Normal Transit Period' and mainly depends on = geographical=20 location of a particular country.

Direct and Indirect Bill: If the currency of the = bill is the=20 same as the currency of the country on which it is drawn, it is termed = as direct=20 bill, e.g. an export bill in US $ drawn on a place in U.S.A. However, if = the=20 currency of the bill in which it is drawn is different than the currency = of the=20 country on which it is drawn, it is termed as indirect bill, e.g. an = export bill=20 in US $ drawn on a place in Japan. The normal transit period fixed for = indirect=20 bill is on higher side as compared to transit period fixed for direct = bills.

Notional Due Date: To determine the due date of an = export=20 bill we have to consider the following 3 components: (1) Normal transit = period=20 as fixed by FEDAI (2) Usance period of the bill (3) Grace period if = applicable=20 in the country on which the bill is drawn. Grace period is applicable = only in=20 the case of usance bills. The notional due date of an export bill may = thus be=20 calculated after adding all the above 3 components The concessional rate = of=20 interest is chargeable upto the notional due date subject to a maximum = of 90=20 days.

FORFAITING FINANCE BY AUTHORISED DEALERS: Reserve = Bank has=20 now permitted the authorised dealers (Banks) to arrange forfeiting of = medium=20 term export receivables p 7 3 on the same lines as per the scheme of = EXIM Bank=20 and many International forfeiting agencies have now become active in = Indian=20 market. Forfeiting may be usefully employed as an additional window of = export=20 finance particularly for exports to those countries for which normal = exports=20 credit is not intended by the commercial banks.It must be noted that = charges of=20 forfaiting are eventually to be passed on to the ultimate buyer and = should,=20 therefore, be so declared on relative export declaration forms.

EXTERNAL COMMERCIAL BORROWINGS: Proposals for = raising=20 foreign currency loans/credits viz., Buyer's Credits, Supplier's Credits = or=20 Lines of Credits by firms/companies/lending institutions, banks, etc. = for=20 financing cost of import of goods, technology or for any other purposes, = other=20 than short-term loans/credits maturing within one year should first be = submitted=20 to government of India, Ministry of Finance (Department Economic = Affairs), ECB=20 Division, New Delhi for necessary clearance. The proposals are = considered by the=20 government on merits of each case and in the light of prevailing = Government=20 policy. For details refer to (1) NABHI'S FOREIGN EXCHANGE MANUAL & = (2)=20 NABHI'S MANUAL OF SEBI GUIDELINES ON CAPITAL ISSUES, EURO ISSUES, = MERCHANT=20 BANKNG & MUTUAL FUNDS

EXIM BANK FINANCE: Besides commercial banks,export = finance=20 is also made available by the EXIM bank. The EXIM bank provides = financial=20 assistance to promote Indian exports through direct financial assistance = ,=20 overseas investment finance, term finance for export production and = export=20 development, pre-shipment credit, lines of credit, re-lending facility, = export=20 bills re-discounting, refinance to commercial banks, finance for = computer=20 software exports, finance for export marketing and bulk import finance = to=20 commercial banks. The EXIM Bank also extends non-funded facility to = Indian=20 exports in the form of guarantees. The diversified lending programme of = the EXIM=20 Bank now covers various stages of exports, i.e. from the development = export=20 markets to expansion of production capacity for exports, production for = export=20 and post shipment financing. The EXIM Bank's focus is on export of = manufactured=20 goods, project exports, exports of technology, services and export of = computer=20 software.

Forfaiting Finance from EXIM Bank: A new financing = option=20 for the Indian exporters is available under the forfaiting finance = Scheme=20 recently introduced by the EXIM Bank. Forfaiting is a form of trade = finance=20 involving discounting of medium-term export receivables with or without = recourse=20 to the exporter. The arrangement envisages discounting by Indian = exporters of=20 bill of exchange/promissory notes relating to export transactions which = are=20 "avalised" or guaranteed by the buyer's bankers with overseas forfaiting = agencies on "without recourse" basis.Briefly, the procedure involved in = the=20 scheme of for p 7 3 faiting finance by the Exim Bank is as follows:

Exporter initiates negotiations with the prospective overseas buyer = with=20 regard to the basic contract price, period of credit, rate of interest, = etc.,=20 After successful negotiations, he furnishes the relevant particulars = such as=20 name and country of overseas buyer, contract value, nature of goods, = tenure of=20 credit, name and country of guaranteeing bankers to the Exim Bank and = requests=20 for an indicative discounting quote. Exim Bank obtains the indicative = quote of=20 forfaiting discount together with commitment fee and other charges, if = any, to=20 be paid by the exporter, from an overseas forfaiting agency.

On receipt of the indicative quote from the Exim Bank, the exporter = finalises=20 the terms of the contract, loading the discount and other charges in the = value=20 and approaches Exim Bank for obtaining a firm quote. Exim Bank arranges = to get=20 the same from an appropriate overseas forfaiting agency and furnishes = the same=20 to the exporter. At this stage, exporter would be required to confirm = acceptance=20 of the arrangement to Exim Bank within a specific period as stipulated = by that=20 Bank.

The export contract clearly indicates that the overseas buyer shall = prepare a=20 series of avalised Promissory Notes in favour of the exporter and hand = them over=20 against the shipping documents to his banker. The Prommissory Notes will = be=20 endorsed with the words without recourse by the exporter and handed over = to his=20 banker in India for onward transmission to the Exim Bank.

Alternatively, the export contract may provide for exporter to draw a = series=20 of Bills of exchange on the overseas buyer which will be sent with the = shipping=20 documents through latter's banker for acceptance by the overseas buyer. = Overseas=20 buyer's banker will handover the documents against acceptance of Bills = of=20 Exchange by the buyer and signature of 'aval' or the guaranteeing bank. = Avalised=20 and accepted bills of exchange will be returned to the exporter through = his=20 banker. Exporter will endorse avalised Bills of Exchange with the words = 'without=20 recourse' and return them to his banker for onward transmission to the = Exim=20 Bank.

Exim Bank will forward the Bills of Exchange/Promissory Notes after=20 verification to the forfaiting agency for discounting by the latter.

Exim Bank will arrange to collect the discounted proceeds of = Promissory=20 Notes/Bills of Exchange from the overseas forfaiting agency and effect = payment=20 to the nostro account of the exporter's bank as per the latter's=20 instruction.

Understand Foreign Exchange = Rates &=20 Protect Against their Adverse Movement

Exchange Rates: Export contracts are concluded = either in=20 Indian rupee or in foreign currency. Where the contracts are in Indian = rupee,=20 the related documents are also prepared in Indian rupees and no = conversion is=20 involved. However, where the bill is drawn in foreign currency, like = US $, ,=20 DM etc., you will get Indian rupees only after the conversion of = foreign=20 currency at the appropriate exchange rate. Thus the exchange rates = become very=20 important to determine the Indian rupees payable. A favorable exchange = rate=20 will fetch you more rupees and vice-versa. It, therefore, becomes = essential=20 for you to gain some basic knowledge about exchange rate, the working = out of=20 its quotation by the banks, the factors determining the exchange rates = in the=20 market and the precautions you should take so as to avoid possible = losses in=20 future, due to adverse movement of the exchange rates. In the = following=20 paragraphs we shall endeavor to explain these issues. The rates = applied by the=20 banks for converting foreign currency into Indian rupees and vice = versa are=20 known as exchange rates. In other words, exchange rate is the rate at = which=20 one currency can be exchanged for another. There are two systems of = quoting=20 exchange rates :=20
1. Direct Quotation: Where the price of foreign = currency=20 is quoted in terms of home or local currency. In this system = variable units=20 of home currency equivalent to a fixed unit of foreign currency is = quoted.=20 For example : US $ 1 =3D Rs. 40.00=20
2. Indirect Quotation: Where exchange rates are = quoted in=20 terms of variable units of foreign currency as equivalent to a fixed = number=20 of units of home currency. For example : US $ 2,500 =3D Rs. 40.00 = Till=20 1.8.1993 banks were required to quote all the rates on indirect = basis as=20 foreign currency equivalent to Rs. 100 except in case of = sale/purchase of=20 foreign currency notes and traveller cheques where exchange rates on = direct=20 quotation basis were quoted.=20
From 2.8.1993 banks are quoting rates on direct = basis=20 only.There is distinction between inter-bank exchange rates and = merchant=20 rates. Merchant rates are the exchange rates applied by the bankers = for=20 transactions with their customers for various purposes, such as = import,=20 export, travel, remittances etc. These rates are calculated by the = banks as=20 per the guidelines issued by the Foreign Exchange Dealers Association = of India=20 (FEDAI). On the other hand inter-bank rates are the rates for = transactions=20 amongst the authorised dealers in foreign exchange. These rates depend = on the=20 market conditions. It is not in out of place to mention here that = exchange=20 rates are volatile and, therefore, you should make sincere efforts to = choose=20 appropriate time for tendering your export documents to the bank for=20 purchase/negotiation. Therefore, plan your affairs in such a way that = the=20 documents are delivered to the bank when exchange rates are favorable = enabling=20 you to get more Indian rupees after conversion of foreign currency = amount of=20 the bill into Indian rupees. A distinction is also made between spot = rates and=20 forward rates. Spot rates are applicable on the day of transact p 7 3 = tion ,=20 i.e, the same day, whereas forward rates are the rates fixed in = advance for a=20 transaction which will mature at a specified date or during a = specified period=20 in future. Quotations for spot rates only are generally available and = the=20 customers have to enter into specific contracts for forward rates. = Foreign=20 exchange rates are always quoted as two way price i.e., a rate at = which the=20 bank is willing to buy foreign currency (buying rate) and a rate at = which the=20 bank sells foreign currency (selling rate). Banks do expect some = profit in=20 exchange operations and there is always some difference in buying and = selling=20 rates. However, the maximum spread available to banks is restricted in = terms=20 of ceiling imposed by Reserve Bank of India. All exchange rates by = authorised=20 dealers are quoted in terms of their capacity as buyer or seller. = Different=20 sets of exchange rates are applied for various types of foreign = exchange=20 transactions as under :=20
TT Selling Rate: This rate is applied for all = clean=20 remittances outside India i.e., for selling foreign currency to its = customer=20 by the bank such as for issuance of bank drafts, mail/telegraphic = transfers=20 etc. Bill Selling Rate: This rate is applied for all foreign = remittances=20 outside India as proceeds of import bills payable in India. This rate = is a=20 little worse than TT selling rate.

TT Buying Rate: This rate is appled for purchase = of=20 foreign currency by banks where cover is already obtained by banks in = India.=20 Thus all foreign inward remittances which are made payable in India = are=20 converted by applying this rate. A mail transfer issued by a bank in = Dubai for=20 US $ 10,000 drawn on (say) Oriental Bank of Commerce in New York.

Bills Rate: This rate is applied for purchase of = sight=20 export bills which will result in foreign remittance to India after=20 realisation. This rate is worsen than TT buying rate and, in addition, = interest will also be recovered by the bank for the period for which = the bank=20 is out of funds.

Forward Contracts =
Elimination of=20 exchange risk due to movement in the exchange rat can be avoided by the=20 following options:=20

By invoicing in Indian Rupees.=20
By fixing the Foreign Exchange Contract.

First alternative is possible only when the buyer agrees to it. He = may have=20 his own reasons for not agreeing to invoice in Indian rupees. The second = alternative is commonly resorted to. This alternative involves booking = of=20 forward exchange contract with your bank.

This means that pending submission of documents to the bank for=20 purchase/negotiation, you have made firm commitment with the bank under = which=20 you agree to sell to the bank foreign exchange at a future date/period = and the=20 bank agrees to purchase at the firm rate the foreign exchange to be = tendered by=20 you on that date / during the agreed period.

Thus you are in a position to know in advance the exchange rate you = are going=20 to get on submission of your export documents. Thus, though you have to = pay some=20 charge for booking a forward contract, you are certain about the rupee = amount of=20 the bill on conversion of foreign currency at a future date. For booking = a=20 forward contract, you should approach your bank with whom you are = enjoying a=20 credit limit.

The bank will book a forward contract only against a firm export = order=20 showing description and quantity of the goods to be supplied, aggregate = price=20 and approximate date of shipment. The bank can accept telex, cable = order/fax in=20 this regard, provided you give an undertaking to produce the original = one. Where=20 shipment has already been completed, forward contract will be booked on = the=20 basis of export bill tendered by you. It can also be booked against an=20 irrevocable Letter of Credit provided L/C is complete in all respects = and you=20 give a declaration to the bank that you have not booked any forward = contract=20 against the underlying sale contract covering shipments under the = L/C.You must=20 ensure delivery of the related documents within the agreed period of the = contract. In case you fail to deliver the documents within the specified = period,=20 the forward contract needs to be cancelled and fresh contract booked for = which=20 your bank will levy cancellation charges as per the FEDAI Rules.

In case the documents are delivered before the stipulated period, it = will=20 involve early delivery and bank will levy charges for the early = delivery, as per=20 FEDAI Rules. Where the documents are not delivered at all, contract has = to be=20 cancelled either at your request or by the bank itself under certain=20 circumstances, and this will entail cancellation charges as per the = FEDAI=20 Rules.

It, therefore becomes extremely important that the period of delivery = of the=20 export documents is carefully chosen and strictly adhered to, so as to = avoid=20 unnecessary charges on account of early delivery or cancellation of = forward=20 contracts. However, facility for substitution of export order is = permitted by=20 RBI on specific request if the unfulfilled export order and the = substituted=20 order is for the same commodity.

Procuring/Manufacturing Goods = for Export=20 & their Inspection by Government Authorities

Procuring / Manufacturing Goods=20
Once you are ready with the infrastructure for exporting goods and = have=20 obtained necessary finance, you should proceed to procure the goods = for=20 export. Procuring the goods should be done with extreme care and = caution as to=20 the quality and cost. However, procuring the raw materials etc. and=20 manufacturing the goods for export will need extra efforts on your = part. If=20 you are an established exporter, you can have the facility of = procuring raw=20 materials under the Duty Exemption Scheme.
Compulsory Quality Control & Preshipment = Inspection=20
An important aspect about the goods to be exported is compulsory = quality=20 control and pre-shipment inspection. Under the Export(Quality Control = and=20 Inspection) Act, 1963, about 1000 commodities under the major groups = of Food=20 and Agriculture, Fishery, Minerals, Organic and Inorganic Chemicals, = Rubber=20 Products, Refractoriness, Ceramic Products, Pesticides, Light = Engineering,=20 Steel Products, Jute Products, Coir and Coir Products, Footwear and = Footwear=20 Products / Components are subject to compulsory pre-shipment = inspection.

At times, foreign buyers lay down their own standards / = specifications=20 which may or may not be in consonance with the Indian standards. They = may also=20 insist upon inspection by their own nominated agencies. These issues = should be=20 sorted out before confirmation of order. Specific provisions have also = been=20 made for compulsory inspection of textile goods.

Products having ISI Certification mark or Agmark are not required = to be=20 inspected by any agency. These products do not fall within the purview = of the=20 export inspection agencies network. The Customs Authorities allow = export of=20 such goods even if not accompanied by any pre-shipment inspection = certificate,=20 provided they are otherwise satisfied that the goods carry ISI = Certification=20 or the Agmark.

Depending upon the nature of products, goods meant for export are = inspected=20 for quality in the following manner: Consignment to Consignment = Inspection=20 Each individual consignment is inspected by the Export Inspection = Agency,=20 Commodity Board and certificate of inspection is issued. The = application for=20 inspection for goods has to be submitted well in advance before the = expected=20 date of shipment of the consignment. Inspection of the consignment is=20 generally carried out either at the premises of the exporter, provided = adequate facilities exist therein for inspection, or at the port of = shipment.=20 The export inspection agency has a right to exercise supervision of = inspected=20 consignment(s) at any place or time.

The application should be made in duplicate in the new prescribed = form=20 'Intimation for Inspection' as per standardised pre-shipment export = documents=20 to the nearest office of the respective Export Inspection Agency along = with=20 the following documents :

Particulars of the consignment intended to be exported. A crossed=20 cheque/draft for the amount of requisite inspection fees or an Indian = Postal=20 Order.
- Copy of the Commercial Invoice.=20
- Copy of letter of credit.=20
- Details of packing specifications.=20
- Copy of the export order/contract, indicating inter alia the = buyer's=20 requirement that goods are strictly according to the prescribed=20 specifications, or as per samples etc.
After satisfying itself that the consignment of exportable goods = meets the=20 requirements stipulated in the export contract/order, the inspection = agency=20 issues, generally within four days of receipt of intimation for = inspection,=20 the necessary certificate of inspection to the exporter in the = prescribed=20 proforma in five copies.

The certificate is issued in the standardised form which is aligned = pre-shipment export document. (Three copies for exporter, original = copy for=20 customs use, the second copy for the use of the foreign buyer and the = third=20 copy for the exporter's use, fourth copy for Data Bank, Export = Inspection=20 Council, New Delhi and the fifth copy is retained with the agency for = their=20 own office record).

In-Process Quality Control (IPQC)

Certain products like chemicals or engineering goods are subject to = this=20 control. The inspection is done at various stages of production. The = exporter=20 has to get his unit registered as "Export Worthy" and keep record of=20 processing and production. Inspection by the officers of Export = Inspection=20 Agency is done from time to time. The certification of inspection on = the=20 end-products is then given without in-depth study at the shipment = stage. Under=20 this system, export is allowed on the basis of adequacy of in-process = quality=20 control and inspection measures exercised by the manufacturing units=20 themselves. The certificates of inspection in favor of the units = approved=20 under the scheme are issued by the Export Inspection Agencies (EIAs) = in the=20 normal course. However, these units are kept under surveillance by the = EIAs=20 and random spot checks of the consignments are carried out by them. = Units=20 approved under this system of in-process quality control may = themselves issue=20 the certificate of inspection, but only for the products for which = they have=20 been granted IPQC facilities. However, these units have the option = either to=20 get the certificate from the Export Inspection Agencies (EIAs) or = issue the=20 same themselves. Consequently, the manufacturer exporters of products = approved=20 under the IPQC have been recognised as an agency for pre-shipment = inspection=20 for export of engineering products for which they have been approved = by the=20 Export Inspection Agencies at Bombay, Calcutta, Cochin, Delhi and = Madras.

Self Certification Scheme

Large manufacturers/exporters, export houses/tradingp 7 3 houses = are=20 allowed the facility of Self-Certification on the theory that the = exporter=20 himself is the best judge of the quality of his products and will not = allow=20 his reputation to be spoiled in the international market by = compromising on=20 quality. The industrial units having proven reputation and adequate = testing=20 facilities have to apply to the Director (Inspection and Quality = Control),=20 Export Inspection Council of India, 11th Floor, Pragati Tower, 26 = Rajendra=20 Place, New Delhi-110008. They are granted a certificate valid for a = period of=20 one year, allowing them self-certification facility. The facility is = available=20 to manufacturers of engineering products, chemical and allied products = and=20 marine products. During this period the exporter can issue a = certificate=20 signed by himself or by a person authorised by him. The certificate = has to=20 indicate the number and date of EIA's reference for registration under = Self-Certification Scheme. It has to be issued in the aligned format = as per=20 new standardised pre-shipment documents. The approval of an industrial = unit=20 under this scheme is notified in the Gazette of India and the exporter = has to=20 pay a lump sum fee to the export inspection agencies depending upon = his export=20 turnover.

Minimum Quality Norms prescribed by the Export Inspection Council = should be=20 maintained and achieved for the grant of facility under = Self-Certification=20 Scheme.
ISO 9000=20
The discussion on quality control and preshipment inspection will = be=20 incomplete without saying a few words about ISO 9000.The ISO-9000 = Series of=20 Standards evolved by the International Standards Organisation has been = accepted worldwide as the norm assuring high quality of goods. The = ISO-9000 is=20 also the hallmark of a good quality- oriented system for suppliers and = manufacturers. It identifies the basic principles underlying quality, = and=20 specifies the procedures and criteria to be followed to ensure that = what=20 leaves the manufacturer / supplier's premises fully meets the = customers=20 requirements. The ISO-9000 series of standards are basically quality = assurance=20 standards and not product standards.ISO-9000 spells out how a company = can=20 establish, document and maintain an effective and economic quality = control=20 system which will demonstrate to the customer that the company is = committed to=20 quality. The series of Standards aims the following:
- Increased customer confidence in the company=20
- Shift from a system of inspection, to one of quality management=20
- Removing the need for multiple assessments of suppliers=20
- Gaining management commitment=20
- Linking quality to cost-effectiveness=20
- Giving customers what they need
The implementation of ISO-9000 Standards involves:
- Management education=20
- Writing quality policy=20
- Nominating a quality representative=20
- Identifying responsibilities=20
- Identifying business processes=20
- Writing a quality manual=20
- Writing procedures=20
- Writing work instructions
It is thus clear that the ISO-9000 series of standards constitute = of=20 concept of Total Quality Management (TQM).

Labeling, Packaging, Packing = and Marking=20 Goods
An important stage after manufacturing of goods or their=20 procurement is their preparation for shipment. This involves labeling,=20 packaging, packing and marking of export consignments. Labeling = requirements=20 differ from country to country and the same should be ascertained well = in=20 advance from the buyer. The label should indicate quality, quantity, = method of=20 use etc. Special international care labels have been specified for the = textile=20 items by GINITEX, and the same should be scrupulously adhered to. = Packaging=20 fulfills a vital role in helping to get your export products to the = market in=20 top condition, as well as in presenting your goods to the overseas buyer = in an=20 attractive way. While packaging, quality should not be compromised = merely to cut=20 down costs, packaging should also be in conformity with the instructions = issued=20 by the importer. Packing refers to the external containers used for=20 transportation . The shape of packing cases play a very important role = in=20 packing the cargo, and the nature of packing material to be used will = depend=20 upon the items exported As regard specification for the size, weight and = strength care must be taken to ensure that the weight of standard case = does not=20 exceed 50 Kg. for easy handling of the cargo. Before packing and sealing = the=20 goods, it should be ensured that all the contents are properly placed in = the=20 case and the list of contents of packing notes should be prepared so = that the=20 buyer, the Customs authorities and the Insurance authorities can easily = check=20 the contents of each and every case.=20

The consolidated statement of contents for a number of case is called = the=20 Packing List, which should be prepared in the prescribed standardised=20 format.

Marking means to mark the address, number of packages etc. on the = packets. It=20 is essential for identification purpose and should provide information = on=20 exporters' mark, port of destination, place of destination, order number = and=20 date, gross, net and tare weight and handling instructions. It should = also be=20 ensured that while putting marks, the law of buyer's country is duly = compiled=20 with.

All shipping cases should be marked a number with special symbols = selected by=20 the exporters or the importers, so that the competitors cannot find out = the=20 details of the customers and the country of destination or supplier's = country of=20 despatch. Care should also be taken to ensure that the marking conforms = to those=20 written in the invoice, insurance certificate, bill of lading and other=20 documents. The International Cargo Handling Co-ordination, Association = has set=20 out for the use of exporters a number of recommendations for the marking = of=20 goods carried by ocean-going vessels. They are equally useful for = sending goods=20 by other modes of transportation.

Suggestions:

The marks should appear in certain order. Essential data should be = placed in=20 oblong frames with lines 1.5 centimeters thick, and subsidiary = information=20 should be placed in another type of frame.

Declaration on large packages should be placed on two continuous = sides, and=20 for consignments bound together on a pallet, also on the top.

Handling instructions should be placed on all four sides. Similar = packages,=20 such as goods in sacks, should be marked on two opposite sides.

Lettering should be at least 7.5 centimeters high for essential data, = and at=20 least 3.5 centimeters for subsidiary data. If the package is too small = for such=20 letter, other sizes may be used, but in the same ratio. The sizes of the = symbols=20 should also be in proportion to the size of the package and of the other = markings.

Only fast dyes should be used for lettering. Essential data should be = in=20 black and subsidiary data in a less conspicuous colour; red and orange = lettering=20 should be reversed for dangerous goods only. For food packed in sacks, = only=20 harmless dyes should be employed, and the dye should not come through = the=20 packing in such a way as to affect the goods.

Stick-on labels should only be used on individual package or parcel = and all=20 old labels should be removed. Marking should be made by stencil or by = branding=20 or by pencil or brush without a stencil. If stencils are used, care = should be=20 taken that the letters and figures are perfectly legible to prevent = confusion.=20 This is especially true of the letters and figures --- B.R.P, O, = G-G-D-C, H.N;=20 3-8 : 6-9 and 1-7.

The surface to be marked should be smooth and clean. If packages are = to be=20 bonded, they can be marked before this is done; the hoops should not = however,=20 cover the markings.

The figure should indicate the total number of packages making up the = consignment and the consecutive number of the individual package. For = example=20 :1520/15/1 identifies the first package of a total number of 15 packets = and=20 1520/15/15 the last one.

The name of the ship and the bill of lading number should be shown = when this=20 is possible. Handling instructions must appear in the language of the = exporter=20 and importer, and also, if possible, in the language of the countries = where=20 goods are to be handled en route or trans shipped.

New Excise Procedure =
All excisable=20 goods exported out of India are exempt from payment of Central Excise = Duties,=20 for which two different procedures have been approved=20

Rebate of Duty on Goods Export Procedure

Under the first procedure, known as 'Rebate of duty on Goods Export. = The=20 manufacturer has first to pay the excise duty on goods meant for export = and then=20 claim refund of the same after exportation of such goods to countries = except=20 Nepal and Bhutan. This is done under Rule 12 of Central Excise Rules. = Under this=20 rule, rebate of duty is granted for the finished stage as well as input = stage.=20 Rebate of duty in respect of the excisable materials used in the = manufacture of=20 the exported goods shall not be allowed if the exporter avails of the = drawback=20 allowed under the Customs and Central Excise Duties Drawback Rules, 1995 = or=20 Modvat. The following procedure should be followed while exporting under = the=20 rebate of duty. Removal of goods under claim of rebate from a factory or = warehouse without examination by the Central Excise Officers. The = exporters are=20 allowed to remove the goods for export on their own without getting the = goods=20 examined by the Central Excise Officers. Form AR4 in such cases should = be=20 prepared in sixtuplicate, giving all particulars and declarations. The = exporter=20 shall deliver triplicate, and quadruplicate, quintuplicateand = sixtuplicate=20 copies of AR4 to the Superintendent of Central Excise having = jurisdiction over=20 the factory or the warehouse, within 24 hours of the removal of the = consignment=20 and would retain the original and duplicate copies for presenting along = with the=20 consignment to the Customs Officer at the point of export. The = jurisdictional=20 superintendent of Central Excise examines the information contained in = AR4 and=20 verifies the facts of payment of duty and other = certificates/declarations made=20 by the exporter. After he is satisfied that the information contained in = the AR4=20 is true, he signs at appropriate places in the four copies of AR4 = submitted to=20 him and plus his stamp with his name and designation below his = signature. He=20 would then dispose of the triplicate, quadruplicate, quintuplicate and=20 sixtuplicate copies of AR4 as under:-

Triplicate: To there bate sanctioning authority = viz.=20 Maritime Commissioner of Central Excise or the assistant commissioner = of=20 Central Excise declared by the exporter on the AR4. This copy on the = request=20 of exporter may be sealed and handed over to the exporter / his = authorized=20 agent for presenting to the rebate sanctioning authority.=20
Quadruplicate: To the Chief Accounts Officer in = the=20 Commissionerate Headquarters.=20
Quintuplicate: Office copy to be retained by the = Central=20 Excise Officer.=20
Sixtuplicate: To be given to the exporter. =

Procedure for exports under Central Excise Seal Where the exporter = desires=20 the sealing of the goods by the Central Excise Officers so that the = export goods=20 may not be examined by the Customs Officers at the Port/Airport of = shipment, he=20 should present an AR4 application in sixtuplicate to the Superintendent = of=20 Central Excise having jurisdiction over the factory/warehouse at least = 24 hours=20 before the intended removal of the export goods from the = factory/warehouse. The=20 Superintendent of Central Excise may depute an Inspector of Central = Excise or=20 may himself go for sealing and examination of the export consignment. = Where the=20 AR4 indicates that the export is in discharge of an export obligation = under a=20 Quantity-based advance License or a Value-based Advance License issued = under the=20 Duty Exemption Scheme, in such cases the consignment is invariably = examined and=20 sealed by the Superintendent of Central Excise himself. The Central = Excise=20 Officer examining the consignment would draw samples wherever necessary = in=20 triplicate. He would hand over two sets of samples, duly sealed, to the = exporter=20 or his authorized agent, for delivering to the Customs Officers at the = point of=20 export. He would retain the third set for his records. The export = consignment is=20 carefully examined vis-`-vis the description of goods, their value and = other=20 particulars/declarations on the AR4. The Central Excise Officer verifies = the=20 facts of payment of duty and other certificates/declarations made by the = exporter. After he is satisfied that the information contained in the = AR4 is=20 true he would allow the clearances and also sign all the six copies of = the AR4=20 at appropriate places and put his stamp with his name and designation = below his=20 signature. The copies of AR4 are disposed of as under:

Original and Duplicate: To the exporter for = presenting to=20 Customs Officer at the point of export along with the export = consignment.

Triplicate: To the rebate sanctioning authority i.e. = Maritime Commissioner of Central Excise or the jurisdictional Assistant=20 Commissioner of Central Excise, as declared by the exporter on the AR4. = The=20 Central Excise officer may handover this copy under the sealed cover on=20 exporter's request.

Quadruplicate: To the Chief Accounts Officer at his=20 Commissionerate Headquarters.

Quintuplicate: To be retained for records.

Export under Bond Procedure

Under the second procedure known as "Exports Under Bond" goods can be = exported out of India except to Nepal or Bhutan without prior payment of = duty=20 subject to the execution of the Bond with security / security for a sum=20 equivalent to the duty chargeable on the goods to be exported. This is = done=20 under Rule 13 of Central Excise Rules which deals with export of goods = in Bond=20 as well as utilisation of raw materials etc. without payment of duty for = manufacture and export of excisable goods. The following procedure has = been=20 prescribed in this regard.

Shipping=20 Companies | Currency = Convertor=20 | World Clock = | India Country Map = | Net Resources

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