1) What is the first step in the import process? a) Customs clearance b) Trade enquiry c) Placing an order 2) Which organization issues import licenses in India? a) SEBI b) RBI c) DGFT 3) For what a Letter of Credit (LC) used? a) To get a loan for imports b) To guarantee payment to the exporter c) To reduce import duties 4) Which document proves that goods have been shipped? a) Bill of Lading b) Commercial Invoice c) Bill of Entry 5) Which luxury car did Actor Vijay import from England? a) BMW 7 Series b) Rolls-Royce Ghost c) Mercedes-Benz S-Class 6) Under which act does RBI regulate foreign exchange for imports? a) Foreign Exchange Management Act (FEMA) b) Foreign Trade Policy c) Customs Act 7) How many digits do Import Export Code (IEC) has? a) 8 b) 10 c) 12 8) Which of the following falls under restricted goods? a) Fruits and Vegetables b) Laptop c) Books 9) An import license is not required for all goods, only for restricted or prohibited items. a) True b) False 10) What is the other term used for "placing an order" in the import process? a) Procurement b) Shipment c) Indenting

Import Procedure Quiz

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