Q.1:- Discuss the formalities involved in getting an export license.
Important formalities in getting an export license are as follows
(i) Opening a bank account in any bank authorized by the Reserve Bank of India (RBI) and getting an account number.
(ii) Obtaining Import Export Code (IEC) number from the Directorate General Foreign Trade (DGFT) or Regional Import Export Licensing Authority.
(iii) Registering with appropriate export promotion council.
(iv) Registering with Export Credit and Guarantee Corporation (ECGC) in order to safeguard against risks of non payments.