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Parallel importation is intimately connected with a liberalized and internationally involved economy. Parallel imports, also called gray-market imports, are goods produced genuinely under protection of a trade mark, patent, or copyright, placed into circulation in one market, and then imported into another market without the authorisation of the owner of the intellectual property right. The thesis focuses on the parallel import of copyrighted products such as books, films, music, games and software in tangible formats. The thesis doesn’t discuss about the parallel imports of copyrighted goods in intangible formats.The application of doctrine of exhaustion plays a very important role in determining the way the movement of goods takes pace in international trade. The thesis examines the statutory provisions involving the doctrine of exhaustion and its consequent impact on the legality of parallel imports in copyright works. The thesis uses comparative approach, concentrating on USA, EU and India, in order to discover what is the approach in these jurisdiction with respect to concepts of copyright exhaustion and parallel imports, what are the benefits and weaknesses of these approaches, and analyse why these markets have arrived at certain conclusions. By studying the form in which these countries have managed the Parallel Importation problem, the thesis tries to provide a solution to this issue.