Import and Export Trade Procedure — Important Questions
ICSE · Class 11 · Commerce
65 important questions from Import and Export Trade Procedure for ICSE Class 11 Commerce, with answers. Part of the ICSE Class 11 Commerce syllabus.
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Important Questions from Import and Export Trade Procedure
Which body controls foreign exchange in India?
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Reserve Bank of India
The Reserve Bank of India controls foreign exchange in India. Importers apply to its Exchange Control Department for release of foreign exchange.
What does an importer apply for after obtaining an import licence?
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Foreign exchange
After getting the import licence, the importer applies for the required amount of foreign exchange from the RBI.
What is an indent in import trade?
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An order placed for the required goods
An indent is the order placed by the importer for the goods required.
What is an Open Indent?
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An indent with very few details mentioned
In an open indent, only a few details are mentioned and the rest is left to the exporter.
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