In the world of export-import, each shipment counts. And you cannot afford to make any “uninformed investment”. So, if you have any doubt or a question, ask us. Our team of experts at The Dollar Business Intelligence Unit will be happy to answer your queries. Your question(s), if approved, will also be published on www.thedollarbusiness.com, and/or in forthcoming issue of The Dollar Business
I want to import copper wire scrap. Do I need any licence? How much do I have to pay as import duty? Please advise. (Kartik Trivedi, Manager, Chemitex Impex Enterprise, Vadodara, Gujarat, +91-7201985XXX, email@example.com)
Dear Kartik: We assume you want to import copper wire scrap falling under ITC HS Code: 740400. Since the import of products under the said six-digit HS Code (except for products falling under ITC HS Code: 74040012) is restricted, you need to apply for grant of an ‘Authorisation’ for import or export of the said items to Regional Authority (RA), with a copy to Directorate General of Foreign Trade (DGFT) headquarters in ANF 2M (as prescribed in Handbook of Procedures) along with documents prescribed therein. Original application along with Treasury Receipt (TR) / Demand Draft needs to be submitted to RA concerned and self-attested copy of same needs to be submitted to DGFT in duplicate along with proof of submission of application to concerned RA.
As mentioned before, copper scrap falling under ITC HS Code: 74040012 can be imported through all ports into the country. However, import of copper scrap falling under the said HS Code also need to fulfil the conditions mentioned under Paragraph 2.54 (b) of the Handbook of Procedure. You can type the following URL in your browser - https://www.thedollarbusiness.com/HANDBOOK_OF_PROCEDURES__2015_2020 and go through the said paragraph to get a detailed understanding of what you need to do to import copper wire scrap. Coming to the second part of your question, copper waste and scrap falling under ITC HS Code: 740400 attract a total import duty of 21.042%. [In case our assumption about the intended import product isn’t exact, please write back.
Response by: Steven Philip Warner, President (VMPL) & Editor-in-Chief, The Dollar Business
I want to import scrap from Dubai. How do I get an Importer-Exporter Code (IEC) from the government? How many days will it take to get the IEC? (Abdul, Partner, Al Kareem Traders, +91-8801002XXX, firstname.lastname@example.org)
Dear Abdul: You can get an Importer-Exporter Code (IEC) in a maximum of two working days, provided the application is complete and accompanied by the three documents namely: (i) Digital Photo (3x3 cm) of the applicant; (ii) Permanent Account Number; and (iii) A certificate from the bank regarding maintenance of a bank account by the applicant or a cancelled cheque. The applicant also needs to pay a fee along with the application through credit/debit card or net banking. Having said that, if you are interested in importing scrap, please go through Paragraph 2.32 of the Foreign Trade Policy (FTP) 2015-2020 and Paragraph 2.54 of the Handbook of Procedure (HBoP) 2015-2020 as import of only few categories of scrap is allowed and that too at certain specified ports subject to certain conditions including pre-shipment inspection.
Response by: Ajay Sahai, Director General & CEO, Federation of Indian Exports Organisation (FIEO)
We are a manufacturer and trader of handmade paper. We have just received an IEC and would like to export to US and Europe. I live in Ahmedabad and the nearest ICD is in Sanand and I prefer Mundra, Pipavav, Hajira, Nhava Sheva ports to ship the cargoes. However, I don’t know how to quote the price to customers, a price that is inclusive of all the charges, from the factory to the destination port. Are there any agencies that offer consulting? (Nishant Mehta, Owner, Devraaj Print N Packs, Ahmedabad, Gujarat, +91-9825024XXX, email@example.com)
Dear Nishant: CIF and FOB are the two most popular shipping/pricing terms used in the transportation of goods between an exporter and an importer. While sellers often prefer FOB, buyers prefer CIF. FOB means Free On Board (or Freight On Board). The term FOB indicates that the seller is liable to deliver goods on board a vessel designated by the buyer. This means all costs involved in delivering the goods on board of vessel (designated by the buyer) are to be borne by the seller. Beyond that point, the buyer has to bear all costs and risks of loss or damage of goods. Where as, CIF (Cost, insurance and freight) is a pricing term that requires the seller to arrange for the transportation of goods to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier. This means all costs and risks involved in delivering the goods to the destination port (designated by the buyer) are to be borne by the seller.
Response by: Manish K. Pandey, Editor, The Dollar Business
We are interested in exporting appalam, natural honey, red, yellow and white onions, etc. – mostly ingredients used in South Indian dishes. How do we find overseas buyers? (Appu Raman, Proprietor, Adithyan Exports, Puducherry, +91-9489150XXX, firstname.lastname@example.org)
Dear Appu: You can approach your concerned association – Agricultural & Processed Food Products Export Development Authority (APEDA) – for assistance or directly reach out to potential buyers by posting your product information on https://www.thedollarbusiness.com/marketplace. From discovering the best markets to source from or supply to, to overcoming statutory and procedural challenges with respect to exports-imports documentation, to identifying the right logistics partners, International Marketplace understands all your requirements, and accordingly connects you with the right market and partners.
Additionally, you can also explore The Dollar Business CONNECT Programme (You can read more on TDB CONNECT Programme on www.thedollarbusiness.com/memberships) that provides an in-the-making super successful exporter like you, some unique and amazing extras - a customisable ‘premium’ webpage on TDB International Marketplace, 100 Guaranteed Leads, a fast and effective Lead Accelerator process – that will ensure you touch newer highs in global trade.
Response by: Dr. A. K. Sengupta, Chief Consulting Editor, The Dollar Business
We are into textile business and are currently selling our products in domestic market. We now intend to export our products. What are the major textiles importing countries? (Arthy, Founder, Arthy Traders, +91-8608188XXX, email@example.com)
Dear Arthy: We would request greater details of the textile product you want to export for us to advice you better. Having said that, let’s assume that you want to export woven fabrics of cotton containing equal to or more than 85% cotton by weight and weighing less than equal to 200 gram/cubic meter falling under HS Code: 5208. Industry data reveals that India is a big exporter of the products falling under the said HS Code. In fact, India ranks 2nd in the world, just behind China, when it comes to exports of the said product and accounts for about 7.14% share in global exports of the product. While India’s biggest export destination for products falling under the said HS Code is Sri Lanka, the country has also been significantly supplying to Bangladesh and United Arab Emirates (UAE) and the exports have been only rising to these countries over the last few years. More of such pure, researched data is available to members of The Dollar Business GROW and CONNECT Programmes. (You can read more on TDB Membership Programme on https://www.thedollarbusiness.com/memberships).
Response by: Indranil Das Executive Editor, The Dollar Business
Designed by The Dollar Business Intelligence Unit, the test is based on five areas of modern-day parameters in exports.
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