00:01
So let's understand the current solution but before moving to the solution we will understand the meaning of importer and exporter.
00:09
Okay, so let's suppose there is a mr.
00:16
A who is willing to start the business of furniture.
00:24
Okay, but to sell the furniture in their area the area is or we can say there is no form.
00:36
Forest in the country.
00:37
However, it is a hypothetical situation also.
00:41
But mr.
00:42
A is unable to find any type of forest in the country or we can say a raw material, unable to find raw material for processing the furniture in his country.
00:53
So what he does, he checks with his friend, one of his friends, mr.
00:59
B, residing in another country, let's say, mr.
01:04
A is living in country, country i and mr b is residing in country you okay now what happens mr a asked mr b that are you able to send me the woodlocks so that i can make furniture out of them so mr b says okay i will do that now what happens mr a becomes importer why importer because importer is a person who importer the goods outside of his country from a foreign country.
01:52
Okay.
01:53
So the country you is a foreign country for mr.
01:56
A.
01:57
Same.
01:58
Similarly, country i is also a foreign country for mr.
02:02
B also.
02:03
So in that case mr.
02:05
A will be considered as an importer and mr.
02:10
B will be considered as an exporter.
02:15
Who exports the woodlocks to mr.
02:19
A for processing the main goods or we can say furniture.
02:25
Now mr.
02:26
B will transfer the woodlocks like raw material we can say.
02:34
Okay.
02:39
And against that mr.
02:42
B will make payment to mr.
02:45
A will make payment to mr.
02:47
B also against the purchase of raw material.
02:53
Now what happens there are this whole process, this whole process is known as import export.
03:03
Please write down this example for better feature reference okay.
03:10
Import export procedure...