Letter of Credit Forum

Pls help me understanding the below T & C for Merchanting trade . I mean pls if you can elaborate these terms.

(i) goods involved in the transactions are permitted to be imported into India and all rules, regulations and directions applicable to export (except Export Declaration Form) and import (except Bill of Entry) are followed
(ii) The entire merchant trade transaction is completed within a period of 6 months.
(iii) The transactions do not involve foreign exchange outlay for a period exceeding three months.
(iv) Payment is received in time for the export leg.
(v) Where the payment for export leg of the transaction precedes the payment for import leg, Authorised Dealers should ensure that the terms of payment are such that the liability for the import leg of the transaction is extinguished by the payment received for the export leg of the transaction, without any delay.