Tag: import and export procedure

Questions Related to import and export procedure

Finance is required by the exporters even after the shipment of product.

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
Explanation:

Finance is required by the exporter even after the shipment of the product as the exporter has to pay for the various licensing and custom duties when the godds reach its destination in the foreign market.

Government of India is the apex body responsible for the country's external 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
Explanation:

Government of India is the apex body responsible for the country's external trade as the government develops the rules and regulations levied on the import and export trade made in India.

At present there are ______ EPCs dealing with different commodities.

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

  1. 34

  2. 21

  3. 15

  4. 20

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Correct Option: B

Export promotion councils are NGOs registered under the companies act.

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

Post-shipment finances are the finances provided for purchasing, manufacturing, processing, packaging of goods.

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: B
Explanation:

Finances provided for purchasing, manufacturing, processing, packaging of goods are the pre-shipment finances. The post shipment finances are suppliers credits, custom duties to be paid , export bills etc.

Export inspection council aims at quality control and pre-shipment inspection of commodities meant for export.

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
Explanation:

Export inspection council aims at inspection of the quality control of the products and preshipment inspection of the commodities that are meant for export.

Reliance on other countries and international organizations for financial support is called ___________.

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

  1. foreign loan

  2. international borrowing

  3. external debt trap

  4. external assistance

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Correct Option: D

Which of the following is a document of the title to the goods?

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

  1. Bill of lading

  2. Bill of entry

  3. Certificate of origin

  4. Letter of credit

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Correct Option: A
Explanation:

Bill of Lading is a document which is issued by the transporter of goods to the person to whom goods are transported. 

It acts as an evidence that the goods are being shipped to a specific person.

The system of Eximscrips was introduced in ___________.

commerce international trade types of foreign trade exports and imports import and export procedure

  1. 1980

  2. 1985

  3. 1991

  4. 1996

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Correct Option: C

The import licensing system was simplified with the introduction of ______.

commerce international trade types of foreign trade exports and imports import and export procedure

  1. LERMS

  2. EXIM scrips

  3. EPZ

  4. EOU

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Correct Option: B