Import/Export documents: three mandatory documents Three mandatory Import/Export documents Three mandatory Import/Export documents

Documents play an important role in import/ export transactions. An unorganized or missing set of documents can cause immeasurable distress to all stakeholders A shipment cannot be surrendered or acquired if the office work is not completed. They may even face a penalty and lose their credibility.
We will discuss the following topics:
How the authorities reduce documentation for export-import
In order to export products via sea, exporters need three key documents
In order to import products that are arriving via sea, importers need three key documents
Also check out our blog post on what shipping documentation is necessary for customs clearance.
How the authorities reduce documentation for exports and imports
To begin with, a brief explanation of import-export documentation guidelines in India.

Up until 5 years ago, exporters and importers were required to prepare seven to eight mandatory documents - plus any extra documentation that may be needed depending on the shipment type and regulations and guidelines specific to each country. It was a tedious and expensive procedure as a result. It was also cited as a factor in India's poor performance at the World Bank's Ease of Doing Business Index. Earlier this year, India ranked 142 out of 189 countries (it now ranks 63). An Inter-Ministerial Committee was established by the Department of Commerce to examine ways to reduce the amount of paperwork associated with imports and exports. By 2020, the goal was to improve the export-import process as well as India's ranking in the Ease of Doing Business. Import and export documents should be reduced to three each for imports and exports, according to the committee.

All suggestions have been approved. India's Foreign Trade Policy was modified by a notification released by the Directorate General of Foreign Trade (DGFT). DGFT is part of the Ministry of Commerce and Industry and formulates and implements India's Foreign Trade Policy. From April 2015, the following are the 3 key documents for exports and imports under the revised Foreign Trade Policy.

‍‍Must-have Shipping Documents for Exports

Bill of Lading
Documents that are essential to exporters. It is a mandatory document that must be signed by three parties: the exporter, the shipping line, and the importer. A complete and accurate set of bills of lading is needed from the shipping line or freight forwarder so that the exporter can dispatch it to the importer or importer's bank.
Information on this bill of lading includes:

Description, amount, weight of products
Name and address of consignee
Terms of sale
2.Commercial Invoice cum Packing List
The exporter has issued an invoice of sale to the importer as part of a settlement agreement. Due to this, they are able to determine responsibilities and taxes due on the products.
The document contains information such as:
Name, website address of seller (exporter)
Name, address of buyer (importer)
Value, amount of products
{An itemized packing list contains information about the products.|In a packing list, product information is listed item by item.|An itemized packing list contains information about the products.] At the point of clearance, it simplifies their exam and corrects tallying.

It contains:
Description of the products
Quantity and weight (gross and net) of the products
Number of packages
Type of packaging (PP,Jute, BOP , Laminated etc)
Marks and numbers (symbols/numbers positioned on every piece of shipment in a cargo to discover them)
Carrier’s (ship) name
Date of export
Export licence number
Letter of credit score number
There used to be separate files for the economic bill and packing listing.

3. Bill of Entry
Shipment bills or export bills are types of customs clearance applications. Using this information, customs determines whether an exporter has taken advantage of government incentives, such as:

Various tax exemptions, rebates, and refunds
Export benefits under various government programs
‍Documents required for imports

Bill of Lading
This is a must-have document for both exporters and importers. Both the exporter and the importer must sign the bill of lading. An importer cannot accept goods at his end without a bill of lading.

2. Commercial Invoice cum Packing List
Similarly, the importer needs this document as well. In most cases, customs clearance is based on the commercial invoice and packing list.
3. Bill of Entry
The final requirement for importers is a bill of entry. At the port of entry, customs authorities inspect and clear goods based on a declaration from the importer. Bill information is compared with insurance policies or sales invoices.
The following details are included:
Type of cargo
Value of the goods
Quantity of the goods
This was a quick overview of the three documents that importers and exporters should always have on hand. The documents listed above are not the only ones needed. Shipping is all about paperwork. Various factors and case-by-case determine whether importers and exporters are required to submit additional supporting documents.


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