Category Archives: Business

Foreign Exchange

By | November 25, 2016

Foreign exchange means foreign currency and includes: all deposits, credit, and balances payable in foreign currency, any drafts, traveler’s cheques, letters of credit and bills of exchange expressed or drawn in Indian currency but payable in any foreign currency and; any instrument payable at the option of the drawee or holder thereof or any other party to it,… Read More »

The Customs Act, 1962

By | November 15, 2016

The consolidated and self-contained Customs Act, 1962 came into operation on December 13, 1962. repealing the earlier three Acts Sea Customs Act, 1878 Land Customs Act, 1924 and the Aircraft Act, 1934 each one related to the particular mode of transportation. This whole Act provides the legal framework, guidelines, and procedures related to a particular mode of transportation.… Read More »

Foreign Trade (Development and Regulations) Act, 1992

By | November 14, 2016

The Foreign Trade (Development and Regulation) Act 1992, the Foreign Trade (Regulation) Rules 1993 and the Foreign Trade (Exemptions from Application of Rules in Certain Cases) Order 1993 issued thereunder. This Act replaced the earlier legal regime consisting of the Imports and Exports (Control) Act 1947 and the Import (Control) Order 1955 and the Export (Control) Order 1988 issued… Read More »

Foreign Exchange Management Act (FEMA), 1999

By | October 24, 2016

The exchange control in India was introduced on September 3rd, 1939, during the early period of second world war time under the powers conferred by the defence of India Rules. The emergency provisions were subsequently replaced by the Foreign Exchange Regulations Act, 1947 which came into operation on March 25, 1947. Foreign Exchange Management Act (FEMA) witnessed a comprehensive… Read More »

International Contract Terms ( INCOTERMS 2000 )

By | October 17, 2016

In international transactions, traders are from diverse nations, the specific term should be interpreted in a similar way by all parties concerned. Otherwise, disputes are bound to arise. To solve this problem the International Chamber of Commerce (ICC) Paris has developed Incoterms. These terms are commonly used in export-import transactions. These terms have been revised several times since… Read More »

General Conditions in Export Contracts during Foreign Trade

By | October 8, 2016

The export contract refers to the subject of the contract. In addition, the contracts also mention the rights of the party concerned against the party which may have failed to honour his contractual obligations, except under some valid reasons. The transportation of goods in export for foreign countries involve risks and costs. The goods may get lost, stolen… Read More »