Import license

Import license,

Definition of Import license:

  1. An official document from a government that allows the import of certain goods or services into a country.

  2. Permit that allows an importer to bring in a specified quantity of certain goods during a specified period (usually one year). Import licenses are employed (1) as means of restricting outflow of foreign currency to improve a countrys balance of payments position; (2) to control entry of dangerous items such as explosives, firearms, and certain substances; or (3) to protect the domestic industry from foreign competition. See also import restrictions.

Meaning of Import license & Import license Definition