We are really happy to see second edition in your hands and we are deeply indebted to readers.

Globalisation, liberalisation, and Information Technology have transformed the world into a global village. No country can remain self-sufficient. Interdependence is indispensable. What we have in excess has to be exported and what is in shortage is to be imported.

In the fast changing international trading scenario, India with its large skilled work force, growing domestic market, availability of raw material and the emergence of a mature supply base is set to gain enormously from this trend. India is all set to become a major player in the world trade and a global hub.

There is a sea change in the mindset of policy makers and traders and manufacturers. Quota-raj and permit-raj have been replaced by business friendly laws with ever expanding list of concessions, sops, incentives etc.

Foreign Trade is not confined to customs alone. Many other agencies are involved. All aspects relating to exports like clearances from DGFT, RBI, FEDAI Rules, FEMA, Customs, Excise, Service Tax, Income Tax, VAT, etc. are explained precisely and lucidly. General issues are also addressed appropriately.

A novel attempt has been made to provide one-stop solution for all problems.

It can be proudly said that it is also the first book of this kind. The presentation of the subject in this book is unique and user-friendly. Readers are hoped to feel at home in handling many day-to-day practical problems. Students get into ready-to-answer mode for many questions being asked in the examinations. All practically useful aspects of the Foreign Trade Policy are dealt in a user-friendly manner. The topics and the contents are so arranged and explained that the entire subject will be on the finger tips of the reader. It guides the importers in their day-to-day requirements and adorns the desk-tops of the readers in solving readily the queries that crop-up. We hope to bring out many successive, enlarged enriched and revised editions of this book within very short time.

We are grateful to Mr. S. Suryanarayana, Director, time.

We are grateful to Mr. S. Suryanarayana, Director, SCM, Dr. Reddy's Laboratories, Hyderabad for editing the book.

We are also deeply grateful to Mr. R.A. Garg of Commercial Law Publishers (I) Pvt. Ltd. who has shown spirited enthusiasm and enterprise in bringing out this edition. We are beholden to all the readers for their comments and valuable suggestions.

Chapter 1--Trend in Import Trade 1

Chapter 2--Import Data Bank 4

Chapter 3--Preliminaries 9

Chapter 4--Import Management 12

Chapter 5--Restrictions/Prohibitions 15

Chapter 6--Incoterms 2000 19

Chapter 7--Import Export Code (IEC) Number 22

Chapter 8--Registration-cum-Membership Certificate (RCMC) 33

Chapter 9--Common Business Identifier-Pan Based 34

Chapter 10--Import Trade Control (ITC) Restriction 37

Chapter 11--General Provisions Regarding Imports & Exports 38

Chapter 12--Import Finance 46

Chapter 13--Letter of Credit 51

Chapter 14--Import General Manifest 56

Chapter 15--Certificate of Origin 80

Chapter 16--FAQs on Imports 84

Chapter 17--Bill of Entry 108

Chapter 18--Valuation 137

Chapter 19--Types of Customs Duties 145

Chapter 20--Self-Assessment 149

Chapter 21--Provisional Assessment 153

Chapter 22--Accredited Clients Programme (ACP) 157

Chapter 23--Risk Management System (RMS) 170

Chapter 24--Accredited Status 174

Chapter 25--Levy & Collection of Duty 175

Chapter 26--Clearance of Cargo 182

Chapter 27--Loading, Unloading & Storage of Goods 188

Chapter 28--Warehousing 190

Chapter 29--Bonds & Bank Guarantees 202

Chapter 30--Marine Insurance 208

Chapter 31--Date of Shipment/Despatch 209

Chapter 32--RBI on Import of Goods & Services 211

Chapter 33--RBI on Liberalisation of Import Procedures 236

Chapter 34--Postal Imports & Exports 238

Chapter 35--Courier Imports & Exports 239

Chapter 36--Project Imports 241

Chapter 37--Re-Import 249

Chapter 38--Samples 252

Chapter 39--Imports By NRIs 256

Chapter 40--Baggage & Travellers Guide 258

Chapter 41--Offences & Penalties 272

Chapter 42--Compounding of Offences Under Customs 279

Chapter 43--Duplicate Copies 285

Chapter 44--Merchant Overtime Fee (MOT) 287

Chapter 45--Duty Exemption & Remission Schemes 289

Chapter 46--Export Promotion Schemes 291

Chapter 47--Unclaimed/Uncleared Cargo 292

Chapter 48--Hazardous Waste 295

Chapter 49--Scomet Items 296

Chapter 50--Appeals 299

Chapter 51--Settlement Commission 304

Chapter 52--Grievance Redressal Mechanism 306