{"id":5148,"date":"2019-02-14T05:18:24","date_gmt":"2019-02-13T23:48:24","guid":{"rendered":"http:\/\/astan.lk\/al_virtualclassroom\/?p=5148"},"modified":"2019-02-16T11:45:05","modified_gmt":"2019-02-16T06:15:05","slug":"import-and-export","status":"publish","type":"post","link":"https:\/\/astan.lk\/al_virtualclassroom\/import-and-export\/","title":{"rendered":"Import and Export"},"content":{"rendered":"<p>Import and export trade transactions are generally done through both the direct method and the indent method<br \/>\n\u0097Goods are obtained by sending orders direct to a foreign manufacturer or his agent under<br \/>\nthe direct method.<br \/>\n\u0097Goods are obtained through an agent under the indent method.<br \/>\n\u0097There is no difference between the direct method and the indent method with regard to<br \/>\nthe import and export procedure and the documents used.<br \/>\n\u0097<strong> Steps related to import procedure can be shown as follows,<\/strong><\/p>\n<ul>\n<li>Obtaining details of foreign suppliers.<\/li>\n<li>Sending a price inquiry<\/li>\n<li>Making a suitable decision about importing goods after receiving a price quotation.<\/li>\n<li>Obtaining an import permit if necessary, for the goods to be imported.<\/li>\n<li>forwarding the indent to the foreign exporter.<\/li>\n<li>Making arrangements to pay the exporter.<\/li>\n<li>Obtaining the goods after they arrive at the port.<\/li>\n<\/ul>\n<p><strong>\u0097 Export procedure can be shown as follows.<\/strong><\/p>\n<ol>\n<li>Registering as an exporter<\/li>\n<li>Finding of foreign buyers<\/li>\n<li>Obtaining export permits if necessary<\/li>\n<li>Sending a price quotation in response to the price inquiry received from the importer<\/li>\n<li>Receiving the indent<\/li>\n<li>Reserving space for the shipment and getting the necessary documents ready<\/li>\n<li>Packing the goods in a suitable way for shipment<\/li>\n<li>Insuring the goods to be exported<\/li>\n<li>Obtaining the bill of lading after handing over the shipment<\/li>\n<li>Making arrangements to obtain the money<\/li>\n<\/ol>\n<p>\u0097 <em><strong>Documents used in import and export trade are as follows<\/strong><\/em><\/p>\n<p><strong>Import\/ Export permits (licences)<\/strong><br \/>\nThese licences are issued by the department of the controller of Import and Export.<br \/>\nThe Controller of Import and export publishes the goods for which permits should<br \/>\nbe obtained.<br \/>\n<strong>\u0097Indent<\/strong><br \/>\nThis is the order sent by the importer to the foreign supplier. The details of the<br \/>\ngoods required by the importer, price, relevant information on the shipment are<br \/>\nincluded in it.<br \/>\n\u0097<strong>Bill of lading<\/strong><br \/>\nThis is issued by the captain of the ship or his agent to the exporter on behalf of the<br \/>\nshipping company. It is certified and promised through this document that the<br \/>\nshipment is undertaken and will be delivered to the port on the relevant country.<br \/>\n<strong>\u0097Invoice<\/strong><br \/>\nDetails of the goods which are exported, prices, conditions with regard to payments<br \/>\nand rejections and the route are included in this document.<br \/>\n\u0097<strong>Certificate of origin<\/strong><br \/>\nThis document is issued by a recognized chamber of commerce or a government<br \/>\ninstitution certifying that the shipment is a production of the exporting country.<br \/>\n<strong>\u0097Letter of credit<\/strong><br \/>\nThis document sent in order to pay money for the goods sent to the importer by an<br \/>\nexporter. Generally the importer\u2019s bank issues letters of credit on his demand.<br \/>\n<strong>\u00a0Import entry<\/strong><br \/>\nThis document should be forwarded to the customs by the importer or his agent in<br \/>\norder to claim ownership of goods which have arrived at the harbour for him.<br \/>\n<strong>\u0097 Export entry<\/strong><br \/>\nThis document is forwarded to the customs of the exporting country by an exporter<br \/>\ngiving all the details of the goods he intends to export.<br \/>\n\u0097<strong>Insurance certificate<\/strong><br \/>\nWhen exporting a stock of goods, the importer or exporter obtains an insurance<br \/>\ncertificate for the stocks to be exported. This insurance certificate is obtained by the<br \/>\nimporter or exporter according to the sales contract.<br \/>\n\u0097 <strong>Wharf receipt<\/strong><br \/>\n\u0097 After handing over the goods to the customs, the customs issues this certificate to<br \/>\nthe exporter maintaining that the goods are undertaken.<br \/>\n\u0097 <strong>Letter of indemnity<\/strong><br \/>\nWhen a situation has arisen to issue a \u2018 Foul\u2019 bill of lading, the exporter gives this<br \/>\nletter to the captain of the ship, to inform the captain that he will undertake all the<br \/>\nfuture risks with regard to breakages or damage of the goods. This is done in order to get<br \/>\na \u2018clean \u2018 bill of lading. When the shipment is in good condition, a clean bill of lading is<br \/>\nissued. When there are breakages or damage of certain goods or in the whole stock,<br \/>\nthe foul bill of lading is issued mentioning that the goods are broken or damaged.<br \/>\n\u0097 <strong>Sanitary certificate<\/strong><br \/>\nCertain government institutions of this country issue this document assuring the<br \/>\nsuitability for consumption of certain agricultural products which are exported from<br \/>\nthis country other countries. This is issued on the request of the importing country.<br \/>\n\u0097 <strong>Warehouse licences<\/strong><br \/>\nThis is a document issued by the authorities of warehouses after storing goods in<br \/>\nbonded warehouses.<\/p>\n<p>&nbsp;<br \/>\n\u0097 <strong>The methods used to make payments in foreign trade can be clarified as follows.<\/strong><br \/>\n\u0097 Bank drafts<br \/>\n\u0097 Letter of credit<br \/>\n\u0097 Electronic payment methods<br \/>\n\u0097 Foreign mails and telex transfers<\/p>\n<p>\u0097 <strong>Bank Draft<\/strong><br \/>\nThis can be used to send money to a person in a far away place of the same country or in a<br \/>\nforeign country. When a person pays the relevant amount and the due charges to his bank<br \/>\nand instructs his bank to pay the money according to his instructions to the person named by<br \/>\nhim, then the sender\u2019s bank issues this document to the receiver\u2019s bank or the agent bank<br \/>\nrequesting that the money be paid accordingly.<br \/>\n\u0097<strong>Electronic payment methods<\/strong><br \/>\nThe present methods of paying money quickly through the internet connections are included<br \/>\nhere.<br \/>\nEg: Credit cards<br \/>\n\u0097 Direct credit transfers<br \/>\nCredit transfers are done among own accounts through electronic media such as automatic<br \/>\nteller machines, telephones, internet or by giving instructions to own banks through written<br \/>\nstanding orders.<br \/>\n<strong>\u0097Foreign mails and telex transfers<\/strong><br \/>\nThis is an order given by a bank through telephone or cable system to the foreign bank or<br \/>\nan agent bank of that particular bank requesting a certain amount of money be paid to a<br \/>\nforeign creditor on behalf of that bank. Telegram system is used for this. If the messages<br \/>\nare sent through a telex machine as mentioned above, then it is called a telex transfer. If a<br \/>\nfax machine is used to send the message, then it is called a fax transfer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Import and export trade transactions are generally done through both the direct method and the indent method \u0097Goods are obtained by sending orders direct to a foreign manufacturer or his agent under the direct method. \u0097Goods are obtained through an agent under the indent method. \u0097There is no difference between the direct method and the [&hellip;]<\/p>\n","protected":false},"author":842,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10,2399],"tags":[],"class_list":["post-5148","post","type-post","status-publish","format-standard","hentry","category-business-studies","category-unit-11-en-business-studies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Import and Export - Learning &amp; 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