ITN Number And Its Importance
Foreign trade signifies and is an important determinant of economic growth. Import -export leads to growth in the national economy and expands the global market. Every country has a deficit and an excess of something.
No country can be called self-sufficient, since humans inhabit it; and they themselves are interdependent by nature.
The process of trade has been simplified with the modern ages, science and technology. But the paperwork, rules and regulations are still something that not many are well versed with.
ITN or Internal Transaction Number; has been around since quite a while in the international trade market. When talking of import and export; almost everyone is acquainted with the commonly used terms like EEI, AES, and FTR. But the ITN is an important part of the process, which is often treated lightly and is ignored.
ITN, the Internal Transaction Number is given back in return to the people filing EEI (Electronic Export Information) through the AES (Automated Export System). The ITN is a proof of acceptance of the filing by The US government.
For e.g., the ITN number for Canada is a requirement when importing a vehicle from the USA.
Initially, the ITN was limited to exports whose value was over $2,500. But currently it has been made mandatory for self-propelled vehicles as well, regardless of monetary value. It is expected to reach the point of crossing, 72 hours before export.
Benefits of ITN
A] A Written proof of your filing
First and foremost, the ITN is a proof that you’ve filed the EEI. Not only is it a proof of filing but it also ensures the filing is error-free. An inaccurate filing will not be approved and could lead to penalties. The Internal Transaction Number is a proof that your filing was apt and without errors hence is accepted and approved.
B] Verifying accuracy
ITN gives you an opportunity to verify if information filed on your behalf was accurate. You can monitor it making sure your brokers are completing the task correctly.
C] Requirement on documents
Without the ITN, there are high chances that your shipment is held up in customs. It is a proof of approval, without which, the shipment transport can be considered illegal. Hence, ITN plays a huge role altogether.
The ITN is generally a 14 digit number. Every shipment must possess a unique ITN, and it should remain confidential for safer practices.