Let’s Talk about Different kinds of Importers.
“A large number of traders in the underdeveloped and developing countries still face the problem of ‘No Free Imports’. ”
Different kinds of importers exist in the business field. There are manufacturers who import goods for there own use. They purchase raw materials, supplies, machinery etc. for their own operations or for increasing their efficiency.
Generally, the goods, which are not available in domestic market, are imported from outside. This has, of late, changed with the liberalized economic system and exposure to foreign market.
Now, the world has become a global village and almost everything is available everywhere. This, of course, does not include those goods on which high tariffs are imposed.
The use of research and development in advanced nations has brought technological improvements. Developing nation also import latest technology to improve their methods of production.
Still some countries impose many restrictions as far as the import of goods by their businessmen is concerned. Individual importers are not allowed to import many items. Only big government agencies and public sector units are allowed to do so.
Private industrialists can import goods for their own use or for further trading, as they are competent enough to do so. A majority of traders in the underdeveloped and developing countries still faces the problem of ‘No Free Imports’. There is always a list of goods, where prior approval of government is essential.
There are many foreign exchange regulations, which have to be compiled with before placing an order for imports. The import trade involves the filing of a number of documents for bringing the goods from foreign countries to the domestic market. A person who is frequently indulged in imports finds it difficult and time consuming to complete various formalities associated with imports.
Thee are certain agencies that undertake this job of completing formalities. These agencies charge commission for their services. The clearing agents are expert in completing paper work connected with custom procedures. These agents verify the documents on the shipment and pay various duties, fright charges etc.
If the importer does not want to take the delivery of all imported goods immediately to avoid custom duty for the time being, he can keep these goods in the warehouses. These warehouses are managed by custom officials. However, with the opening up of the world economy many laws and practices are sure to undergo a complete change.
Author - DeeKay
Tags - Finance, Economy
This article was created by DailyOjo staff. Report Spam/Abuse