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Export & Import Documentation & Procedures
Jun 20, 2014

‘Import Customs Provisions related to Classification & Valuation’

The Confederation of Indian Industry- Goa, organized a training programme on ‘Export & Import Documentation & Procedures’- ‘Import Customs Provisions related to Classification & Valuation’ on 19th June 2014 at a city hotel.

Mr Kirit Maganlal, Chairman- CII Goa State Council gave the welcome address and opening remarks and stated that “The Imports this year would be close to $475-500 billion and with the current Iran scenario and the escalation of oil prices, our budgets could just go haywire. While our current export is around $ 312 billion, this needs to increase to about $ 400 Billion to reduce the trade gap, which would help strengthening the rupee. Hence, it would be beneficial for the industry to focus on improving the exports.”

Any EXIM transaction is routed through and relied on documentation. A small mistake like wrong HS code may result in huge losses. Similarly, following appropriate procedures is also very important from regulatory compliance point of view. Customs Official check on Classification and Valuation aspects first, and if the product is wrongly classified or if it is valued incorrectly, it amounts to mis-declaration and invites allegations, penalty, etc.  To avoid such problems it is very important for any importer or exporter to have knowledge on regulatory aspects, documentation, procedures, valuation and classification of items to be imported and exported.

The resource person for the training programme was Mr. Kasture S Sudhakar.  Mr. Kasture with his rich experience explained the concepts & procedures of customs valuation in a very lucid manner. He also highlighted the features of “Trade Facilitation” appoved by WTO at the Ministerial Conference in Bali in December last year.

The objective of the programme was to educate the managers & executives in companies concerned with import and export matters and formalities,  importers, exporters, service providers and entrepreneurs a clear understanding in the formalities and documentation.

A total of thirty delegates participated in this highly interactive Programme. Mr Kasture tactfully answered all the queries and cleared the doubts of many.  

Panaji- Goa

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