Importing Harbeth from UK

[Rosenarayanappa]

I haven't heard proac. Spendors are good. But love at first hear with Harbeths. Bamgalore based is good, do I sense a group buy here and could we find a shipping agent and customs handler. OK to pay a slight markup but not the exorbitant bamgalore price.

 

[sebi]

Hi
An individual is not allowed to import items valued greater than Rs. 1 lakh. The customs may impose a fine on you.
If you show the invoice value less than Rs. 1 lakh, you will be safe.

Never heard anything on what you say here.
Individual need to get the IEC and import the same under his name.NO fines nothing, just the duty(29.5% ) that he needs to pay.
Duty percentage which I had mentioned need to be checked to see if any revision happened in the recent time.

Edit: Current duty is 37.4%

 

[oracle1974]

Never heard anything on what you say here.
Individual need to get the IEC and import the same under his name.NO fines nothing, just the duty(29.5% ) that he needs to pay.
Duty percentage which I had mentioned need to be checked to see if any revision happened in the recent time.

Edit: Current duty is 37.4%

True. The key thing is you need IEC number from Director General of Foreign Trade for importing goods greater than Rs. 1 lakh. For IEC, you need pan numberand crossed current account cheque which states your name or firm name clearly. It is a simple online application process and you get the IEC within 72 hours.

Many are not aware that IEC is required. I was also not aware and had to pay a fine of Rs.15000. Hope this clarifies.

 

[sebi]

True. The key thing is you need IEC number from Director General of Foreign Trade for importing goods greater than Rs. 1 lakh. For IEC, you need pan numberand crossed current account cheque which states your name or firm name clearly. It is a simple online application process and you get the IEC within 72 hours.

Many are not aware that IEC is required. I was also not aware and had to pay a fine of Rs.15000. Hope this clarifies.

Yeah what you said is clear, 15K is for one time IEC.

 

[oracle1974]

Yeah what you said is clear, 15K is for one time IEC.

let me clarify further - Acquiring IEC is free and the registration is for a lifetime.
Rs.15,000 is the fine that customs imposed and it is at their discretion. The value of the goods that I was importing was over Rs.2.5 lakhs.

 

[sebi]

I would suggest people here to go with IEC which can be obtained on their own name(proprietorship) its simple.