I (Meaning and importance of Exports) Unit Structure

37) FOB Price 
– 
Under the FOB contract, the seller quotes a price which 
includes all the expenses incurred until the goods are actually 
delivered on board the ship at the port of shipment. 
38) Foreign Trade (EXIM) Policy 
–
The FTP or EXIM policy provides guidelines regarding 
export or import of goods and services. The FTP is reviewed every 
year in m/April, at present FTP 2004-09 is in force. 
39) Forfeiting scheme 
– 
This scheme was introduced by EXIM Bank in 1992. In 
forfeiting transaction, the exporter forfeits his right to receive or 

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claim payment of export goods delivered to an importer, in return 
for immediate cash payment from the forfeiting agency. 
40) GATS-- 
GATS stand for General Agreement a Trade in services. It is 
one agreements signed by the members of the WTO. Under GATS, 
the member nations of WTO should open up the services sector to 
foreign firms so as to generate competition in the interest of 
customers.
 
41) GSP 
– 
GSP stands for generalized system of preferences. The 
developed countries provide tariff concessions on the imports of 
developing countries. Therefore developing countries are in a better 
position to export more to developed nations. 
42) G R Form 
G R Form is an exchange control document which is to be 
submitted to the Reserve Bank of India after clearance from the 
customs Authorities within 180 days. 
43) IEC Number 
– 
IEC stands for i
mporter‟s exporter‟s code number. It is 
issued by it. Directorate General of Foreign Trade. It refers to 
export 
– import registration. In India, it is compulsory to obtain IEC 
number.