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The harmonized system (HS) code is an internationally standardized system of names and numbers for classifying traded products. Developed by the world customs organization (WCO), the HS code is used by customs authorities worldwide to identify goods, apply tariffs, and gather trade statistics. It ensures consistency and efficiency in international trade documentation and procedures.
The HS is organized into 21 sections, which are subdivided into 98 chapters.
The import of capital goods refers to bringing in machinery, equipment, and tools necessary for production processes. These imports are often encouraged by governments to boost industrial and economic growth. In India, schemes like the export promotion capital goods (EPCG) scheme provide duty concessions for importing capital goods, thus helping
Learn moreAn indemnity policy is an insurance agreement where the insurer agrees to compensate the insured for any losses or damages incurred, up to a specified limit. This policy provides financial protection against specified risks, ensuring that the insured is restored to their financial position prior to the loss.
Learn moreThe international bank account number (IBAN) is a standardized format for identifying bank accounts across international borders. It includes the country code, bank code, and account number, making it easier to process international transactions accurately and efficiently. For example, an IBAN for a bank account in Germany might look like
Learn moreAn international wire transfer is an electronic transfer of funds from one bank account to another across international borders. This method of payment is commonly used for sending money quickly and securely. International wire transfers involve intermediary banks (correspondent banking) and may incur fees and exchange rate charges, providing a
Learn moreInventory management is the process of overseeing and controlling the ordering, storage, and use of a company's inventory. This includes raw materials, components, and finished products. Effective inventory management ensures that the right quantity of items is available at the right time, minimizing costs associated with holding excess
Learn moreLean logistics is a supply chain management approach focused on minimizing waste and improving efficiency. It involves streamlining processes, reducing inventory levels, and optimizing transportation to enhance productivity, reduce costs, and improve customer satisfaction. For example, agile, DMAIC and more.
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