FEMA Guidelines for Imports

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Procurement of Licenses: If the goods you plan to trade require an import and export license, then you must apply for the same to the DGFT. This license is valid for 18 months for trading raw materials, spare parts, and consumable goods and for 24 months for trading capital goods.
Register with the Indian Chamber of Commerce: You must register with the Indian Chamber of Commerce (ICC) to export goods. The organisation issues a non-preferential certificate of origin to certify that the exported goods are manufactured in India.
FEMA Guidelines on Import and Export
If you plan to start an import-export business in India, you must understand FEMA guidelines. They have been devised to help businesses regulate and manage foreign exchange. Here is a look at these guidelines:


Businesses and individuals involved in import and export can remit up to argentina phone number list USD 2.5 lakh overseas annually. This can be done without any prior approval from the RBI. However, approval from the RBI is mandatory if the remittance amount goes beyond USD 2.5 lakh.
Importers are required to clear the payment for imported goods within nine months. Payments for imports should be made through authorised banking channels. Importers can make advance payments, direct payments, or payments against documents.
Importers must submit necessary documents, such as import bills, invoices and bills of entry, to the authorised banks within the given timeline.
It is important to ensure that the information in the reporting system and the Bill of Entry details tally.
FEMA Guidelines for Exports
Exporters must declare the full value of the export goods in the prescribed forms and submit them to the authorised dealer.
FEMA discourages risky or guess-based transactions. It emphasises the need for sensible financial decisions.