Following are the procedures for importing textile machinery from Canada:
(i) IEC Number, RCMC Number and Import License: The first step is to obtain Import Export Code Number from Directorate General Foreign Trade Authority and Registration-cum-Membership Certificate. I shall also apply for import license.
(ii) Trade Enquiry: I will seek trade enquiry from various suppliers about the price and terms and conditions. Based on the quotations from suppliers. I will identify from whom I should import the goods.
(iii) Foreign Exchange: I shall apply to a bank authorised by Reserve Bank of India to issue foreign exchange.
(iv) Placing the Order : After receiving the sanction of RBI for release of foreign exchange, I will place the order called indent for required goods.
(v)Sending Letter of Credit: Usually, the exporter ask the importer to send a letter of credit, to be sure about the credit-worthiness of the importer. I will obtain a letter of credit from his banker.
(vi) Receiving Shipping Documents: Now, I will receive the shipping documents like bill of lading, insurance policy, shipping bill, etc. On the basis of these documents, I will take the delivery of the goods.
(vii) Payment of Custom Duties: Now, I will approach the custom authorities to make payment of custom duties:On payment of custom duties, I will receive the delivery order or release order.
(viii) Taking Delivery of Goods: Having completed all the formalities I or my clearing agent will take the delivery of goods from the dock.
