Do's

1. Open LC or import transactions only for customers and open only if the party has got sanction limit.
2. Allow import of restricted items as per procedure laid down in the Exim Policy.
3. Handover import documents only to drawee or his PA holder against property acknowledgement.
4. Allow payment for import by debit to customer’s account.
5. Allow payment for the bills beyond six months and also allow payment of overdue interest on sight bills for a period not exceeding six months.
6. Allow payment to local agents on commission basis. In case of overseas agent, allow commission as per FEMA guidelines.
7. Verify the imported items under the LC.
8. Issue amendments to LC only on the basis of written request.
9. Verify whether the payment method in Letter of Credit is done as per FEMA guidelines or not.
10. In case of default payment, crystallise the bill on 10th day of the month.
11. Allow import provided goods are consigned to bank account opener.
12. Insist for insurance cover at the time of opening the LC.
13. Allow opening of LC on DA basis provided the Usance does not exceed more than 180 days.
14. Allow opening of Transferable LCs provided transfer is restricted to specified second beneficiaries whose credit report is satisfactory.
    15. Verify the Letter of Credit application form to ensure whether they are properly filled and stamped.
15. Report to the RBI (Reserve Bank of India) if the bill of entry is not received.
16. Sell the imported goods, only after getting permission from ITC authorities.
17. Keep one copy of shipping documents, invoice and other papers for future inspection by the custom inspector or the Reserve Bank of India.

Don'ts

1. Issue the Letter of Credit if the customer doesn’t have IEC number.
2. Open LC without proper transport documents.
3. Allow advance payment without proper documentation.
4. Forward the documents to third party without permission from the importer.
5. Import prohibited or restricted items without import license. 
6. Allow direct remittance of import bills beyond the limit and without EC copy of bill of entry.
7. Open revolving LC without safety clause.
8. Amendments to the Letter of Credit for import of those items which is either restricted or prohibited. 
9. Allow import documents received under collection paid without verifying importers line of business and financial standing.

Table of  Contents

Starting Exports

• Chapter 1 Starting Export Introduction

• Chapter 2 Basic Planning For Export
• Chapter 3 Identifying Products For Export
• Chapter 4 Market Selection
• Chapter 5 SWOT Analysis
• Chapter 6 Registration of Exporters
• Chapter 7 Export License
• Chapter 8 Myths About Exporting
• Chapter 9 Export Sales Leads
• Chapter 10 Exporting Product Samples
• Chapter 11 Export Pricing And Costing
• Chapter 12 Understanding Foreign Exchange Rates
• Chapter 13 Appointing A Sales Agents
• Chapter 14 Export Risks Management
• Chapter 15 Packaging And Labeling Of Goods
• Chapter 16 Inspection Certificates And Quality Control
• Chapter 17 Export Documents
• Chapter 18 Custom Procedure For Export
• Chapter 19 Invisible Export
• Chapter 20 Export To SAARC
• Chapter 21 Export To CIS
• Chapter 22 Organisations Supporting Exporters

Starting Imports

• Chapter 1 Starting Import Introduction
• Chapter 2 Preliminaries for Starting Import Business
• Chapter 3 Registration of Importers
• Chapter 4 Guidelines And Rules for Import
• Chapter 5 Selecting The Overseas Exporter
• Chapter 6 Import License
• Chapter 7 Import Trade Governing Bodies
• Chapter 8 Import of Samples
• Chapter 9 Finalizing The Terms of Import
• Chapter 10 Import Duties
• Chapter 11 Import Risks
• Chapter 12 Import Incentives under Special Schemes
• Chapter 13 Methods of Payment in Import Trade
• Chapter 14 Import of Personal Baggage
• Chapter 15Import of Gifts
• Chapter 16 Impor of Cars Vehicle Commerical and Non Commercial
• Chapter 17 Import of Gold And Silver by NRI
• Chapter 19 Custom Clearance of Imported Goods
• Chapter 18 Import of Drugs And MedicineImport of Drugs And Medicine
• Chapter 20 Import of Scrap And Waste Products
• Chapter 21 Import Laptops And Computers
• Chapter 22Import Dos And Donts

Exports Finance

• Chapter 1 - Payment Methods In Export Import
• Chapter 2 - Payment Collection Against Bills
• Chapter 3 - Letter Of Credit (L/c)
• Chapter 4 - Trade Documents
• Chapter 5 - Pre Shipment Trade Finance
• Chapter 6 - Post Shipment Finance
• Chapter 7 - Forfeiting Factoring
• Chapter 8 - Bank Guarantees
• Chapter 9 - Transport Risk
• Chapter 10 - Contract Credit Risk
• Chapter 11 -Country Political Risk
• Chapter 12 -Currency Risk
• Chapter 13 - Export Import (Exim) Policy
• Chapter 14 - Foreign Exchange Management Act (FEMA)
• Chapter 15 - Fedai Guidlines