IMPORT LICENCE Meaning and
Definition
-
An import license refers to a legal document or permit issued by a government authority to an individual or a business entity allowing them to bring goods or products from a foreign country into their own domestic market for trade or commercial purposes. It is a regulatory requirement implemented by countries to regulate and control the flow of imports within their borders.
The import license serves various purposes, including maintaining quality standards, protecting local industries, managing foreign exchange reserves, and controlling the balance of trade. It ensures that imported goods meet certain safety and quality standards, preventing the entry of substandard or harmful products that could negatively impact the health or safety of consumers.
Obtaining an import license involves a process that typically includes submitting required documentation, such as invoices, packing lists, and certificates of origin. The license may also require the payment of certain fees or customs duties.
The import license system allows governments to exert control over the quantity, type, and origin of imported goods. It can be an effective tool to regulate imports when a country experiences trade imbalances or when specific industries need protection against competition from foreign markets.
It is important for businesses engaging in international trade to understand and comply with the regulations associated with import licenses to avoid any legal issues or delays in the importation process.
Common Misspellings for IMPORT LICENCE
- umport licence
- jmport licence
- kmport licence
- omport licence
- 9mport licence
- 8mport licence
- inport licence
- ikport licence
- ijport licence
- imoort licence
- imlort licence
- im0ort licence
- impirt licence
- impkrt licence
- implrt licence
- impprt licence
- imp0rt licence
- imp9rt licence
- impoet licence
- impodt licence
Etymology of IMPORT LICENCE
The word "import" comes from the Latin word "importare", which means "to bring in". It originated from the combination of the prefix "im-" (meaning "in, into") and the verb "portare" (meaning "to carry").
The word "licence" has its roots in the Latin word "licentia", which means "freedom, liberty, or permission". It derived from the verb "licere", which means "to be permitted".
When combined, "import licence" refers to a permission or authorization granted to individuals or businesses to bring goods or commodities into a country from foreign sources.
