Imports in the Supply Chain field are part of the procurement which states purchasing any goods or services outside the country.
It involves stakeholders which are buyers, sellers, Banks, agents of sellers, freight forwarders, customs, clearing companies, shipping lines, transporters, etc.
Imports Process Flow
- The first process of purchase requirement comes from an end-user or production planning
- Raising inquiry to concern foreign vendor
- After confirmation of order and review all terms and conditions issue Purchase order
- Request for Proforma Invoice by sending the Purchase order
- After receiving a request for a marine cover note for the insurance of Goods from any insurance company
- Acknowledgment on proforma invoice to the supplier
- Opening of Letter of Credit (LC) by filling up the LC form
- Send all the relevant documents to the bank along with PI, Marine cover note, LC form, Terms, and conditions and Purchase order (if required)
- After the opening of LC, the bank will send the transmitted swift copy of LC to buyer
- Send a swift copy to the vendor and request for the ETD (Estimated Dispatch time) and ETA (Estimated Time of arrival) of goods
- Engage clearing company and finance department after receiving non-negotiable documents and for the estimated duties
- At the time of shipment arrival at Port, arrange for the retirement of the document through bank
- Handing over the original documents to clearing company for clearance of goods from customs and pay all the required duties by Port, customs and shipping companies
- Arrange transportation of goods to the destination
- Receiving of goods and inspect as per packing list
- Reconcile invoices of clearing and shipping companies
- Arrange payment to a clearing company and an insurance company.
Incoterms
- Exworks
- FOB
- CIF
- CPT
- CFR
- DDP
- FCA
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