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FAQs
Trade Emerge is a one-stop solution for all the trade-related needs of both ICICI and non-ICICI customers. It caters to the needs of businesses, throughout their trade journey.
No, you need not be an existing ICICI Bank Customer to browse through and avail Trade Emerge services. However, existing ICICI Bank customers can get additional incentives.
The services available on Trade Emerge include - Getting Started, Knowledge Hub, Trade Intelligence, Logistics Services and Financial Services.
Each service partner will be responsible for their respective services. They would provide the requisite support to the end-user, online and offline, during the journey.
Yes, you would have to provide your basic details like Name, email-ID, phone number, and Company’s Name and Address for availing Trade Emerge services.
Your basic details will be shared with third-party service providers only with your consent. The details are shared so that the third-party service providers can contact you and assist you on your trade journey.
ICICI Bank will be responsible for Financial Services through the Trade Emerge platform and would provide resolution for the same. For third-party services, the respective service provider will be responsible for issue resolution through their resolution team.
No, Trade Emerge is open for all. Visitors can explore services and information, available on Trade Emerge.
There are no charges for using Trade Emerge. However, charges will be applicable while using certain services from partner service providers.
Trade Emerge is primarily for SMEs and corporates. However, even individuals can avail services or access information, as per their requirements.
The benefits of Trade Emerge are as follows:
RBI regulates foreign exchange trade as per the Foreign Exchange Management Act (FEMA). It issues guidelines for realisation of export proceeds, by the exporter from time to time, through authorised dealers.
The Trade Online platform provides necessary banking services for importers and exporters. Trade Emerge works in synergy with Trade Online by, providing a complete gamut of ‘beyond-banking’ services, which assist them throughout their trade cycle.
Trade is extremely regulated in India. Regulatory bodies like the Reserve Bank of India (RBI), Directorate General of Foreign Trade (DGFT) and Ministry of Commerce and Industry govern trade in India.
The Reserve Bank of India (RBI), the Directorate General of Foreign Trade (DGFT), Customs, Export Promotion Councils (EPC), Banks, Freight Forwarders, Customs House Agents (CHA), Logistics Service Providers, etc., are some of the major stakeholders involved in the export/import process.
Customs duty is the duty charged on goods imported into India or exported out of India.
Indian Trade Classification (Harmonised System) [ITC (HS)] is a collection of codes applicable for all types of items or goods that are meant for import or export. Each good is classified based on its group or subgroup and has 2/4/6/8 digits.
The prerequisites of setting up trade are as follows:
The mandatory documents required for export and import are:
Registering Authorities are bodies that are notified by the Directorate General of Foreign Trade (DGFT) to register exporters/importers as their members. These registering authorities issue the Registration-Cum-Membership Certificate (RCMC) to register them as members.
To get the RCMC, you have to fill an application form-ANF 2C. This is required to register your business and become a member of the EPC (Export Promotion Council) or the FIEO (Federation of Indian Export Organisations). Then, the exporter should declare the main line of his business and get the Registration-Cum-Membership Certificate (RCMC) from the Council authorised to issue the certificate for products that the business mainly deals in. If you are an exporter, exporting multiple products, you cannot become an EPC member. In such cases, the RCMC should be obtained from the FIEO. The RCMC is valid for 5 financial years
The Importer Exporter Code is a 10-digit, unique alphanumerical code. This code is issued basis the PAN of the business. The IEC is mandatory to carry on import and export business in India, unless there are specific exemptions to the rule.
IEC is issued in an electronic format, called the e-IEC, by the Directorate General of Foreign Trade (DGFT). The DGFT falls under the purview of the Government of India’s Ministry of Commerce.
Once the IEC is allotted to an applicant, it is valid permanently. However, the applicant has to update the IEC every year, to keep it active. Failing to do so would deactivate the IEC, and the import-export business would not be allowed to continue. Moreover, if you update the IEC between the April-June quarter, the updating becomes free of cost, as no fee is charged for the same.
Yes, the Market Intelligence service provides visitors of Trade Emerge with a comprehensive global trade database across 181 countries that helps them in counterparty discovery, competition analysis and connecting with the potential buyers/sellers.
ICICI Bank does not endorse/recommend overseas business entities, shown as per market intelligence data. However, to get insights on the potential counterparty, information on various aspects of their business, like, company structure and relationships, financial performance assessment, risk assessments, etc. and business information reports can be availed.
Yes, the Market Intelligence service enables connecting to counterparties, along with competition analysis. This will be subject to the plan and package which you have taken from the service partner.
Yes, logistics services are provided through shipping aggregator platforms wherein, you can book and manage your shipments and avail value-added services like instant booking confirmation, last-mile tracking, etc.
Yes, you will be able to negotiate the quotes received from multiple shipping lines and compare them on the go.
A Bill of Lading (BL or BoL) is a legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried.
Yes, the user can transparently track end-to-end shipments, across all shipping lines, in real-time.
Trade Emerge offers insurance products under financial services, from where you can avail Marine Insurance to insure the shipments in transit.
Yes, you will be able to browse through several analytical reports and dashboards, which will enable you to make informed decisions.
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