Export trade - class-XII

Letter of credit refers to a letter issued by a bank to another bank to serve as a guarantee for payments made to a specified person under a specified condition. Registration with export promotion council and registration with ECGC required for obtaining export license.

Bill of entry gives an account of goods entered into a customs-house, detailing the merchants, quantity of goods, its types and place of origin and destination. The importers fills "bill of entry' form for the assessment of customs import duty.

An export refers to goods or services produced in one country and sold to buyers in another country. Imports are the opposite, involving goods brought into a country.

International trade consists of the exchange of goods and services between countries, which is fundamentally composed of exports and imports.

A packing list provides a detailed breakdown of the contents of a shipment, which is essential for freight forwarders to prepare shipping documents like the bill of lading.

A consular invoice is a document required by some countries to describe the shipment of goods, which must be certified by the consular official of the destination country.

Letter of Credit is an instrument issued by bank after request made by a foreign buyer that payment will be made to the exporter i.e. the beneficiary. It is useful where buyers and sellers do not know each other personally and are separated by distance. Hence, the document containing the guarantee of a bank to honour drafts drawn on it by an exporter is called as Letter of Credit.

Letter of credit is an instrument issued by bank after request made by a foreign buyer that payment will be made to the exporter i.e. the beneficiary. It is useful where buyers and sellers do not know each other personally and are separated by distance. Hence, it is not required for obtaining an export license.

Shipping bill is a form used by customs and excise authorities before goods can be exported to other countries. It includes details of the cargo in terms of the shippers name, the number of packages, port of destination, and name of vehicle carrying the cargo.

Export credit and financing regulations, including the segregation of excess borrowings, are specifically designed to manage the financial risks associated with exporting units.

The Export-Import Bank of India (EXIM Bank) was established by the Government of India and is entirely owned by the Union government.

Indian EXIM policy is the policy designed by the government in order to regulate the import and export trade of the country. Hence, by EXIM policy we mean export-import policy.

In international trade disputes, the commercial invoice serves as the primary legal document evidencing the contract and the debt, making it the standard support document for legal action.

FIEO stands for the Federation of Indian Export Organisations, which is the apex body of export promotion organizations in India.