IMPACT ON INDIAN ECONOMY

Jun 18th, 2015
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This kind of movement leads to high inflation, as India imports around 70% of its crude oil requirement and the government will have to pay more for it in rupee terms. Due to the control on oil prices, the government may not easily pass the increased prices to the consumers.

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TYPES OF EXPORT FINANCE. The export finance is being classified into two types viz.Pre-shipment finance.Post-shipment finance.Pre shipment financePre-shipment is also referred as packing credit. It is working capital finance provided by commercial banks to the exporter prior to shipment of goods. The finance required to meet various expenses before shipment of goods is called pre-shipment finance or packing credit. I MPORTANCE OF FINANCE AT PRE-SHIPMENT STAGE:To purchase raw material, and other inputs to manufacture goods.To assemble the goods in the case of merchant exporters.To store the goods in suitable warehouses till the goods are shipped.To pay for packing, marking and labeling of goods.To pay for pre-shipment inspection charges.To import or purchase from the domestic market heavy machinery and other capital goods to produce export goods.To pay for consultancy services.To pay for export documentation expenses.Procedure for obtaining pre-shipment financeSubmitting application to the bank: The exporter who intends to obtain packing credit should apply in prescribed forms to his bankers, giving all details of the credit requirement. The form must accompany the following documents:a) Letter of credit/contract b) An undertaking c) Copies of income tax and wealth tax.d) Board of resolution.e) Letter of authority.f) Appropriate ECGC policy.g) Undertaking of shipment.h) Copy of Registration-cum-Membership.i) Other docu

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