Import & export final
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The document discusses import and export regulations in Pakistan. It defines import and export and international trade. It outlines the various legal instruments that govern import and export such as acts, ordinances, and statutory notifications. It discusses licensing requirements, offenses and penalties, documentation needed for imports and exports, annual trade data, customs clearance process, registration fees, and common international trade terms like bill of lading, CIF, CFR, CPT, CIP, and FAS.
Import & export final
- 2. GROUP MEMBERS • MOEZZA MIR • HAREEM KHURSHID • BILAL AHMED RAJPOOT • AAMIR SHAHZAD
- 3. Definition Import is when you buy something from another country and get it shipped to you. Export is when you sell something to another country and it then ship it.
- 4. International Trade…?? International trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP).
- 5. LEGAL INSTRUMENTS • Import and Export (Control) Act, 1950 (Act No. XXXIX of 1950). • Pakistan Nuclear Safety and Radiation Protection (PNSRP) Ordinance,1984 and PNSRP. • Regulation,1990. lay down provisions for control of import and export of nuclear substances and radioactive materials. • Statutory Notification No. SRO-782 (1), 1998 prohibits export of fissionable materials. • Statutory Notification No.SRO-23 (1)/1999 prohibits the export of Anti-Personnel Landmines. • Statutory Notification No.SRO-124 (1)/ 1999. requires a No Objection Certificate from the Defense Ministry for export of arms, ammunitions, explosives and ingredients.
- 6. Contd… • Chemical Weapons Convention Implementation Ordinance, 2000 (Ordinance No. LIV of 2000). This law regulates and controls the import and export of chemicals in accordance with the provisions of CWC and provides for criminal penalties in case of violations. • Pakistan Nuclear Regulatory Authority Ordinance, 2001. Ordinance. Under this Ordinance, PNRA issues the required no objection certificate for import and export of any radioactive materials or radiation sources. • Export Control Act on Goods, Technologies, Material and Equipment related to Nuclear and Biological Weapons and their Delivery Systems-2004.
- 7. LICENSING • The Federal Government will frame, and notify the licenses required under this law, and also adopt and notify the procedures under which such licenses shall be approved or rejected. • An exporter is under legal obligation to notify the competent authority if the exporter is aware or suspects that the goods or technology are intended in connection with nuclear or biological weapons, or missiles capable of delivering such weapons. • Licenses for export of goods and technologies for peaceful applications will be approved, unless the Government determines that the export would be in contravention to the provisions of this legislation.
- 8. OFFENSES AND PENALTIES • Any contravention, or attempt to commit or abet the commission of an offence will be liable to prosecution in a court of law. • Conviction by imprisonment for a term of up to fourteen years, or with a fine up to rupees five million, or both, and or confiscation of the offender’s property and assets inside or outside Pakistan. • An attempt to commit or abet the commission of an offence under this ordinance will be liable to proceeding in the manner as if the person concerned had committed such an offence. • There is a right of appeal.
- 9. DOCUMENTATION FOR IMPORT Now a days import license is no MORE required to import into Pakistan. Only the following initial documents are required to import into Pakistan: -- A. National Tax Number Certificate B. Current bank account is required for import proceedings and documents C. Sales Tax Registration is required to import into Pakistan. D. Membership certificate of Chamber of Commerce and Industries or any relevant trade association of Pakistan.
- 10. DOCUMENTATION FOR EXPORT A. Get the national tax number certificate from the income tax department. B. Register with sales tax department for refund purposes if you are paying sales tax on the purchased goods. C. Open a bank account for export proceedings and related documents. D. Obtain a membership certificate for a Chamber of Commerce or relevant trade association . E. To clear the consignment at the port, provide the following documents to the clearing agent. a. Packing list b. Commercial invoice. c. Letter of Credit (LC). d. Certificate of origin which is issued by the chamber of commerce. e. National Tax Number Certificate . f. Form "E" (State bank form) F. Submit the duplicate and triplicate copies of form 'E,' along with the shipping documents, Invoices etc., to the bank who had certified the form 'E'. Attach an extra copy of the shipper's invoice to the triplicate copy of the form 'E.
- 17. REGULATIONS FOR IMPORTS Free import o 200 cigarettes or 50 cigars or 1/2 kilogram of tobacco; o 1/4 liter of eau de toilette and perfume, of which not more than 1/8th liter may be perfume; o Gift articles and/or souvenirs in a reasonable number and quantity: o First visit in one calendar year: value not more than PKR 2,000. o Second visit in one calendar year: value not more than PKR 1,000. o Third or subsequent visits: not duty free. Prohibited o Import of alcoholic beverages is strictly prohibited for both residents and non-residents regardless of their nationality. o Matches, fruits, plants and plant material (incl. cut flowers) whether live or dead unless accompanied with Health certificate from the country of origin and import permit from the Pakistan Ministry of Agriculture (Department of Plant Protection). o Banknotes in denominations of 50 and 100 rupees or more. Restricted o Import permit and Arms License required. o Animals and pets must be accompanied by a veterinarian certificate. Pets may enter as passenger's checked baggage, in the cabin or as cargo.
- 18. ANNUAL TRADE RECORD Foreign Trade 2007 2008 2009 2010 2011 Indicators Imports of Goods (million 32,590 42,329 31,668 37,810 44,040 USD) Exports of Goods (million 17,838 20,323 17,523 21,515 25,790 USD) Imports of Services (million 8,426 9,286 5,902 6,481 7,231 USD) Exports of Services (million 2,224 2,531 2,548 2,949 3,394 USD)
- 19. CUSTOM CLEARANCE FLOW CHART
- 20. REGISTRATION FEE • The registration fee (same for exporter and importer) of Rs.1000/- only once on registration, and Rs.100/- yearly including the year of registration, is deposited, using a treasury challan in quadruplicate, in the State Bank or an authorized branch of National Bank of Pakistan under the head of account – • 1391,013 = Fees realized under the Imports and Exports (Control) Act 1950. • The first annual fee is payable along with registration fee, and the annual fee for subsequent years, is payable by 31st December of the preceding year. The original of the receipted treasury challan should reach the Director General EPB concerned in 14 days after 31st December. The export (or import) registration certificate is issued for a period of five years, renewable for five years. For each renewal, a fee of Rs.100/- per year is payable in the same manner as for original registration.
- 21. EXEMPTIONS • The following categories are exempt from export registration: • Federal and Provincial Governments and Departments and other authorized public sector agencies. • Exports by passengers as accompanied baggage under any Baggage Rules or Transfer of Residence Rules. • Any exporter or class of exporters specifically exempted from registration in terms of Para 10 of the Registration (Importers and Exporters) Order 1993
- 22. BILL OF LADING • A bill of lading (also referred to as a BOL or B/L) is a document issued by a carrier e.g. a ship's master or by a company's shipping department, acknowledging that specified goods have been received on board as cargo for conveyance to a named place for delivery to the consignee who is usually identified.
- 23. CARE (CUSTOMERS ADMINISTRATIVE) • Care stands for Customs Administrative Reforms and it is a project of the Central Board of Revenue overseeing reforms in Pakistan Customs. • The project was initiated in February 2002. • Since its inception CARE has carried out research and development work to enhance the efficiency of the department.
- 24. COST AND FREIGHT (CFR) • Cost and Freight (CFR) means that the seller pays for transportation to the Port of Loading (POL), loading and freight. The buyer pays for the insurance and transportation of the goods from the Port of Discharge (POD) to his factory
- 25. COST, INSURANCE AND FREIGHT (CIF) • Cost, Insurance and Freight (CIF) is a common term in a sales contract that may be encountered in international trading when ocean transport is used. • When a price is quoted CIF, it means that the selling price includes the cost of the goods, the freight or transport costs and also the cost of marine insurance.
- 26. CARRIAGE PAID TO (CPT) • It can be used for all modes of transport including multimodal transport. • The seller pays for the freight to the named point of destination. • The buyer pays for the insurance. • The passing of risk occurs when the goods have been delivered into the custody of the first carrier.
- 27. CARRIAGE AND INSURANCE PAID (CIP) • The passing of risk occurs when the goods have been delivered into the custody of the first carrier. • This means that the buyer bears all risk and any additional costs occurring after the goods have been so delivered. • It is the same as CPT except that the seller also pays for the insurance. • The seller is required to obtain insurance only on minimum cover; additional coverage is the responsibility of the buyer or must be agreed between the seller and buyer. • Under CIP, the seller is also required to clear the goods for export.
- 28. FREE ALONG SIDE (FAS) • Free Along Side (FAS) means that the seller pays for transportation of the goods to the port of shipment. The buyer pays loading costs, freight, insurance, unloading costs and transportation from the port of destination to his factory. • The passing of risk occurs when the goods have been delivered to the quay(platform besides the sea) at the port of shipment:
- 29. FREE ON BOARD (FOB) • Free On Board (FOB) is also commonly but incorrectly referred to as "Freight on Board". It means that the seller pays for transportation of the goods to the port of shipment, plus loading costs. • The buyer pays freight, insurance, unloading costs and transportation from the port of destination to the factory. • The passing of risks occurs when the goods pass the ship's rail at the port of shipment.
- 30. LETTER OF CREDIT (LC) • A letter of credit is a document issued mostly by a financial institution which usually provides an irrevocable payment undertaking (it can also be revocable, confirmed, unconfirmed, transferable or others e.g. back to back: revolving but is most commonly irrevocable/confirmed) to a beneficiary against complying documents as stated in the credit.
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