Tag: import and export procedure

Questions Related to import and export procedure

The Export Import Bank of India (EXIM Bank) is _____________________.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. wholly owned by the Union government

  2. partly owned by the Union government

  3. wholly owned by the World Bank

  4. partly owned by the World Bank

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Correct Option: A

By EXIM policy we mean ________.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. external and internal policy

  2. export-import policy

  3. extra import policy

  4. none of the above

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Correct Option: B
Explanation:

Indian EXIM policy is the policy designed by the government in order to regulate the import and export trade of the country. Hence, by EXIM policy we mean export-import policy.

Mr X exported goods to Europe but as a dispute between the supplier and buyer the payment was stopped. The possible resolution to get money back is ______?

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. To get the goods back

  2. To file a suit using the invoice as support document

  3. To forget as nothing can done

  4. None of the above

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Correct Option: B

FIEO stands for.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. Foreign Import Export Organisation

  2. Federation of Import Export Organisation

  3. Forum of Indian Export Organisations

  4. Federation of Indian Export Organisations

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Correct Option: D

_______ is chargeable from companies engaged in production of goods at applicable tariffs.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. Custom duty

  2. Excise duty

  3. Value assed tax

  4. Sales tax

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Correct Option: B

The government has progressively moved towards a uniform basic excise rate of _______ but exemptions and surcharges still affect the actual rate.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. 4%

  2. 16%

  3. 10%

  4. 20%

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Correct Option: B

Forwarding agents acting on behalf of exporters and Clearing agents act on behalf of the importer in completing the formalities of international trade.

business organisation import and export procedure types of foreign trade exports and imports nature and scope of foreign trade

  1. True

  2. False

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Correct Option: A

Middlemen assisting in international trade include(s) which of the following?

business organisation import and export procedure types of foreign trade exports and imports nature and scope of foreign trade

  1. Export agents

  2. Forwarding agent

  3. Import agent

  4. All of the above

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Correct Option: D

Under ____ price quotation, the importer has to pay the insurance charges.

business organisation import and export procedure types of foreign trade exports and imports nature and scope of foreign trade

  1. Cost and freight

  2. Franco

  3. Free alongside ship

  4. Loco

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Correct Option: A

In ________, a firm itself approaches the overseas buyers/ suppliers and looks after all the formalities related to exporting/importing activities.

business organisation import and export procedure types of foreign trade exports and imports nature and scope of foreign trade

  1. direct exporting/importing

  2. indirect exporting/importing

  3. contract manufacturing

  4. none of the above

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Correct Option: A
Explanation:

A situation in which a company sells its products directly to customers in another country without using another person or organisation to make arrangements for them, or a product that is sold in this way: The direct export of goods involves certain procedures.