Facilities for Exporters and Importers
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Which two regulators control cross-border trade from India?
DGFT controls physical movement; RBI controls payment through FEMA 1999.
What is IEC and who issues it?
Importer-Exporter Code issued by DGFT; mandatory registration for all traders.
Within how many days must export documents be submitted to Authorised Dealer?
21 days from date of shipment for collection, purchase, discount or negotiation.
Name four acceptable methods of payment for export proceeds.
Bank draft, foreign currency notes, traveller's cheques, FCNR/NRE account transfers.
What is the standard limit for invoice value reduction on negotiated bills?
25% of invoice value; excludes commodities with floor price restrictions.
What are conditions for liberalised invoice-value reduction without percentage cap?
3-year export business, satisfactory track record, bills outstanding max 5% of average annual turnover.
Name 3 shipments exempt from export declaration forms.
Trade samples, personal effects, goods under USD 25,000 per shipment.
Who must report overdue bills not realised within due date?
Authorised Dealer banks report in XOS statement half-yearly to RBI.
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