According to the International Monetary Fund, India’s GDP is projected to grow by 7.4% for 2018, signifying that more and more businesses need to get familiar with India’s customs and regulations.
Customs and regulations are often difficult to navigate. Customs clearance is often a task left to specialists, but it is useful for logistics personnel to have an overview of some of the challenges and pitfalls.
This white paper outlines some of the areas within the Indian customs regulations and practice which are useful to know for anyone involved in import and export to India.
Below are some examples of areas which are need to know information:
- In order to import or export goods to and from India, it is essential to obtain an Import Export Code (IEC). Businesses can apply for an IEC on the Directorate General of Foreign Trade’s website, and if the application is filled in correctly, the processing time is 72 hours.
- Indian Customs is a member of the World Customs Organization (WCO) and follows the Harmonized System (HS) which is a goods nomenclature that is developed and maintained by the WCO, and which is governed by an international convention.
- For exporting from India, using a Free Trade Warehousing Zone (FTWZ) can be an ideal solution for companies procuring from multiple manufacturers within India and shipping to any location across the globe as a consolidated shipment.
Download the full white paper here.