Importing or exporting goods for the first time needs a lot preparation and knowledge. Awareness of the product, its bi-products, its uses, shelf life, best way of storage and packing are some of the aspects to be dwelt upon. Air Way Bill, Bill of Lading, Commercial Invoice, CFR, CIF, Duty, Duty Benefits, Packing List, Penalty, Tariff are some of the basic terms a first time importer or exporter must be aware of. We should be aware of the Rules and Regulations laid by the Government related to the product. There are a lot of Rules and Regulations involved in Exporting and Importing goods with changes and exceptions made periodically. Hence it is of utmost importance that we are aware of the notifications issued by Customs House and understand them properly. Knowledge of international trade also helps a long way.
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