I (Meaning and importance of Exports) Unit Structure

44) IIFT 
– 
IIFT stands for Indian Institute of Foreign Trade it provides 
training facilities to export personnel. 
45) INCO Terms 
– 
INCO refers to International commercial terms in respect of 
price quotations. The terms specify the exporter‟s and importer‟s 
obligations under various pricing quotations such as FOB, CXF, 
and CIF and so on. The obligations are universally accepted by 
importers and exporters. 
46) Indirect Exporting 
– 
Indirect exporting refers to exporting with the help of 
intermediaries such as merchant exporters and star export houses. 
47) International Dumping 
– 
It refers to the practice of selling goods in other countries at 
a very low price, which is much below cost of production. 
48) IRMAC 
–

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248 
IRMAC stands for Industrial Raw Material Assistance 
Centre. Under this scheme, 
large exporters‟s such as export 
houses import raw materials in bulk and distribute them in required 
quantity to manufacturers, suppliers or actual users. 
49) ISO-9000 
– 
ISO - 9000 series of standard is evolved by the International 
Standards is evolved by the series is a set of five individual, but 
related international standards. These are ISO-9000. ISO-9001, 
9002, 9003 and ISO -9004. The main purpose of these standards is 
to bring internationally uniform standards on quality management 
and quality assurance. 
50) Letter of credit 
– 
Let
ter of credit means an undertaking given by the importer‟s 
bank to make payment to the exporter within the terms and 
conditions of the letter of credit. 
51) Let export order 
– 
The customs examiner at the port of shipment issues let 
export order after physically examining the goods. It is a formal 
permission to export the goods.