-Bangladeshi Buyer is interested in purchasing textiles from an Indian Supplier
1.Based on the terms of the contract with the ultimate buyer of the RMG products, the RMG manufacturer in Bangladesh enters into a buying contract with an Indian exporter of cotton fabric who quotes the price and sends a Proforma Invoice for consideration by the Bangladeshi counterpart. If modifications are required, the document is returned to the exporter for necessary amendments. 2.Once both the parties agree on the terms, the importer from Bangladesh confirms intent to purchase. 3.An L/C is then opened by the importer and forwarded to the exporter’s nominated bank in India. The process of communication between the buyer and the exporter is mainly through exchange of emails and over the phone. If required, however, supporting documents are sent through courier services.
-Commercial Invoice, truck Challan, Packing List, and Insurance Certificate from Exporter and Import
1. Collect and endorse documents for import . Once the exporter in India forwards the Commercial Invoice, Truck Challan, Packing List and Insurance Certificate to the importer in Bangladesh, the latter collects the Import (IMP) Form from its bank and also gets all the documentation endorsed by the bank. 2.Prepare other import documents. For import of cotton fabric, the documentation required includes the Utilisation Declaration (UD), which is issued by the business chamber, the BGMEA. This is a mandatory document to import raw materials for the RMG sector. 3.Copies of these documents are then forwarded to the CFA to lodge a customs declaration some time well ahead of the arrival of the consignment at the port.
1. Importer's CFA visit the Direct Trader Input (DTI) office at the Benapole Customs House. 2. The CFA submits the declaration document to the data entry operator at the DTI who then keys the details of the shipment on the Bill of Entry form. 3. After the data is entered, a "C" number is issued against the Bill of Entry. 4. A hard copy is then printed out and verified by the customs officer who then signs the document and specifies the duty to be paid 5. The CFA receives the doment and waits for the consignment to arrive at the customs area
Goods are unloaded at the customs area and inspection is carried out by the customs officials to confirm compliance with the Bill of Entry. If no misconduct is found, customs signs the UD and issues a Release Order from the customs controlled area.
1. The goods are loaded on the importer’s truck and taken out of the customs area for transportation to the importer’s premises. 2. At the gate of the customs area, the date and time of exit of the cargo is recorded and the truck is then allowed to move out of the port area. 3. Once the cargo reaches the importer’s premises, goods are unloaded and stored in the warehouse.
1. Having found the imported cotton fabrics as per the contract conditions, the importer directs the designated bank in Bangladesh to proceed with the payment. 2. The bank verifies the documents against the L/C terms. If no misconduct is found, the funds are transferred to the exporter’s bank in India.