The Don'ts Of Importing
| Importing goods or commodities from another country into our own country through legitimate process is a complex task involving prior approval from multiple regulatory agencies including custom authorities. However, there are certain practices which the importers should always avoid while importing goods into US. |
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It is always vital to have the latest knowledge regarding the import controls and the custom regulations on the product that is being imported into the country. These regulations periodically change according to the economical condition of the country, consumer preferences and possible health-related hazards that can arise due to the import of a product.
While procuring a product, it is always advisable to have a prior enquiry regarding any special requirements that have been imposed by US Customs or by any other government agency. The product must be represented by properly verified documents that can best describe the credibility of the product. According to the US customs law, it is the prime responsibility of the importers to preserve all the documents concerned with importation for a period of five years. Any negligence in the maintenance of a record of all the documents relating to the import transaction can lead to penalties.
Importers must always ensure a periodical assessment of their import transaction process involving payment terms, sales terms, and insurance provisions. It is always important to have an exact analysis regarding the insurance coverage on the product that is being imported. The insurance issues involving type of insurance, amount to be covered and the policy term must never be ignored.
Apart from these, there are certain other important criteria which should be always considered while making an import transaction. These include appropriate declaration of the transaction value before the Custom authorities, assigning appropriate harmonized code number to the product, never ignoring the possibility of being eligible for any duty program available under the US Customs Law and avoiding misinterpretation of data with respect to the origin of the product and the nature of the product.
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