Import trade procedures vary from country to country The following are the important procedures of import trade.
1. Obtaining an import license
The importer has to secure import and export code (IEC) from the direct general of foreign trade or its regional authority. The goods are classified in to three categories, namely restricted, canalized and prohibited. Goods not specified in the above categories can be freely imported without any restriction. Import license is not required to import. the goods not mentioned in the above classification
2. Trade Enquiry
 Having obtained ICE, the intending importer has to make inquiries from the exporter or his agents. The importer makes a request by e-mail, postal mail, to supply the details. the enquiry may be specification of goods like size design, quality, etc, price per unit terms of shipping terms of payment etc.
3. Obtaining foreign exchange
Since the importer has to settle import bills in foreign currency he has to obtain foreign exchange. The importer has to provide ICE code in the form supplied by authorized dealer to get foreign exchange. The importer has to submit an application along with the necessary documents to the exchange control department of RBI. After scrutinizing the application. The Reserve Bank of India will sanction the foreign exchange.
4. Placing an indent/order
 Importer places an order either directly or through an Indent house The indent contains the details like type of goods, design of goods, price quantity grade, packing instructions, insurance, delivery mode, desired delivery period mode of payment mode of shipment etc.
5. Opening letter of credit
 When a foreign exporter does not know about an Indian importers, he may like to ensure the credit worthiness of the unknown importer. In such a case exporter may advise the importer to arrange for letter of credit in his favour letter of credit is a document under which issuing bank undertakes to make payment on behalf the importer.

(i) Achieving Rapid Industrialisation :
Developing countries can achieve rapid industrialisation by importing advanced technology, scarce raw materials, capital goods like machinery, equipment etc. and talents from other countries.
(ii) Upgrading the Standard of living of the People:
Consumers are able to use a wide variety of goods like cell phone, car laptops, television, audio system, washing machine, perfume, soaps, etc. manufactured in foreign countries and enhance their standard of living through import trade.
(iii) Meeting Consumer Demand :
(1) Certain goods are either not available or cannot be manufactured/produced adequately to meet the growing demand in home country.
(2) Hence, import is necessary to meet the short supply of those goods.
(iv) Meeting shortage situation:
During famine, earthquake, flood, drought, tsunami, abnormal price-increase situations and so on food grains, vegetables and other essential commodities are imported from foreign countries and bad situations arising from the above natural calamities and thus overcome.
(v) Strengthening defence:
(1) Many countries around the world import defence equipments for its armed force.
(2) Such imports enable the country to ensure its sovereignty and territorial integrity.

(i) Intermediaries in Import Trade
(1) Indent Houses:
This intermediary is specialized in a particular trade. He charges fees for his service. Importer has to enter into contract with indent house to avail himself of his service. Services rendered by Indent houses/Import agent: The services rendered include the following. 
(a) Helping the importer get orders from foreign countries.
(b) Providing information about the availability of goods of various types and arranging credit facilities to importer.
(2) Clearing Agent:
(a) Clearing Agent is specialised in clearing the goods from the port of discharge destination and transport it over to the importer.
(b) They fulfil the various customs formalities on behalf of the importer and get the goods cleared from the port. They charge commission for their service.
(ii) Intermediaries in Export Trade:
(1) Forwarding Agent:
Forwarding Agents are appointed by the exporter to fulfil the customs related formalities and loading related formalities.
(2) They get reasonable charges for their service.
(3) They get reasonable charges for their service. They perform the following functions.
(a) Enlightening the exporters on the relevant trade laws.
(b) Supplying transport, handling cost information to the exporter,
(c) Assisting exporter in packing, marking and labelling.
(d) Arranging transport for exporter
(e) Assisting moment of customs formalities.
(f) Preparing and procuring documents.
(g) Help in getting the goods insured.
(4) Commission Agent:
(a) Commission Agent is an international agent who is paid a certain percentage of commission for the order booked by him abroad.
(b) He offers products to potential customers in the territory allotted to him in accordance with the terms and conditions specified by the principal.

The following are the important import documents:
(i) Import License
(ii) Indent
(iii) Letter of Credit
(iv) Bill of Entry
(v) Bill of Sight
(vi) Port Trust Dues Receipt
(vii) Bill of Lading
(viii) Bill of Exchange
(ix) Advice Note.
Explanation for any Three:
(i) Shipment Advice :
(1) Shipment Advice is a document that the exporter send to the importer informing him that the shipment of goods has been made.
(2) It provides information regarding shipment of goods like invoice number, bill of Lading, or Airway Bill, name of the ship with date, description of goods and quantity, etc.
(ii) Bill of Entry:
(1) Bill of Entry is a document prepared by the importer, which shows the details of goods imported and is used by custom authorities for determining import duty.
(2) It has to be prepared in triplicate and is to be submitted to the customs office.
(3) It contains details regarding name and address for the importer and exporter, name of the ship, description of goods, quantity and value of goods, etc.
(iii) Bill of Sight:
It is a type of bill of exchange, in which the drawer (i.e. exporter) instruct the bank to hand over the relevant documents to the importer only against acceptance of the bill of exchange.

The following are the procedure of import trade:
(i) Obtaining Import License
(ii) Trade Enquiry
(iii) Obtaining Foreign Exchange
(iv) Placing an Indent / Order
(v) Opening Letter of Credit
(vi) Receiving Shipping Document
(vii) Appointment of Clearing Agents
(viii) Fulfilment of customs formalities
(ix) Taking delivery of goods
(x) Settlement of Import Bill.