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HOW TO EXPORT INTRODUCTION India’s Foreign Trade i.e. Exports and Imports are regulated by Foreign Trade Policy notified by Central government in exercise of powers conferred by section 5 of foreign trade (Development and Regulation) Act 1992. Presently Foreign Trade Policy 2015-20 is effective from 1st April, 2015. As per FTD & R act, export is defined as an act of taking out of India any goods by land, sea or air and with proper transaction of money. The FTP 2015-20 has been extended till 30th September, 2021. STARTING EXPORTS Export in itself is a very wide concept and lot of preparations is required by an exporter before starting an export business. To start export business, the following steps may be followed: 1) Establishing an Organisation To start the export business, first a sole Proprietary concern/ Partnership firm/Company has to be set up as per procedure with an attractive name and logo. 2) Opening a Bank Account A current account with a Bank authorized to deal in Foreign Exchange should be opened. 3) Obtaining Permanent Account Number (PAN) It is necessary for every exporter and importer to obtain a PAN from the Income Tax Department. (To apply PAN Card Click here) 4) Obtaining Importer-Exporter Code (IEC) Number As per the Foreign Trade Policy, it is mandatory to obtain IEC for export/import from India. Para 2.05 of the FTP, 2015-20 lays down the procedure to be followed for obtaining an IEC, which is PAN based.