Master Direction – Import of Goods and Services
This Master Direction outlines the guidelines and procedures for imports of goods and services in India.
Section I – Introduction: This section introduces the Master Direction, which is applicable to all imports of goods and services.
Section II – General Guidelines for Imports: This section provides general guidelines for imports, including the requirement for an importer to obtain an Importer-Exporter Code (IEC) and to comply with the Foreign Trade Policy.
Section III – Operational Guidelines for Imports: This section outlines the operational guidelines for imports, including:
– Merchanting Trade, which involves the purchase and sale of goods without physical movement of goods.
– Write-off of unrealized amount of export leg, which is allowed under certain conditions.
– Third Party payments, which are permitted subject to certain conditions.
– Payment of Agency Commission, which is allowed subject to certain conditions.
– Gross basis, which is the basis for calculating the value of imports.
The Master Direction also outlines other operational guidelines, including those related to trade.
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Download: Master Direction – Import of Goods and Services (Updated as on March 01, 2024)