Arranging funds: The importer of the goods needs to arrange finance before they arrive at the port.Acquiring letter of credit: On the agreement of the payment terms between the importer and exporter, then the importing company must obtain the letter of credit from its bank that shows the credibility regarding the realization of obligation.The import order contains details concerning the price, quality, quantity, colour, grade, etc. Placement of order: The importer places an order with the exporter for supplying the products.Procurement of foreign exchange: The importer is required to obtain foreign exchange as the exporter resides in a foreign country, and he/she will demand payment for the goods in the currency prevalent in the country, in which he/she resides. ![]() If it is required, then the importer must follow all the necessary steps for obtaining it. So, the importer is required to have knowledge of the Export-Import policy in practice, to know whether the goods required by the importer needs import license or not.
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