Explain briefly the steps involvedin import procedure.

Explanation

Import procedure :


1. Obtaining I.E.C. No. :
Before starting the import procedure, the importer has to obtain an I.E.C. (Import-Export Code) number. This number is used in filling the formalities of import procedure, To get this number, the importer has to apply to 1 the regional Import-Export Licensing Authority in the prescribed form.


2. Obtaining Registration Cum Membership Certificate (RCMC):
Importers get various benefits in the form of subsidies and exemption in excise duty, tax, etc. To get these benefits, they have to show RCMC. After getting the I.E.C. number, the importer applies for RCMC. The RCMC is issued by:
(i) Import Promotion Council.

(ii) Federation of Indian Import Organisation.

(iii) Import Development Authority, etc.

Along with the application, the importer has to submit a bank certificate and IEC number. If the authority is satisfied, then they will issue RCMC.


...