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Customs Act
Goods going out of the country or coming in the country need to be cleared by customs department
Export Procedures
Method of payments
Advance remittance
Sellers market
Cash on Delivery
Not very popular
Open Account
Opposite to advance remittance Buyers market
Consignment sale
Exporters agent receives the goods first Similar to open account but ownership remains with exporter
Method of payments
Documents against payment Better and balance approach for both parties Ideally exporter should not deliver until receives the payment and importer should not pay until gets the possession Exporter draw Bills of Exchange on the importers for the goods exported Documents to be sent thru bank Bank will hand over document against the payment only Method known as document against payment (DP)
Method of payments
Documents against acceptance Document delivered by bank on d1 Importer to pay to bank within the agreed window Method known as document against acceptance (DA) Means to extend the credit More risky
Method of payments
Letter of Credit Exporter export the good as per the commercial contract It is the undertaking by the importers bank that if the exporter export as per the contractt and brings the relevant papers ,bank will pay to exporter So exporter look at bank which open the letter of Credit for the importer
Method of payments
Shipment intimation to importer Details of the shipments including bill of lading document Declaration to Export Credit Guarantee Corporation ECGC covers credit risk & political risk of the importer Policy on whole turnover basis for the full year Goods should be declared to ECGC for the cover against the payment of premium Preparation of document set Copy for the Buyer ,Banks and for the record Negotiation of export bill Within 21 days of shipment ,exporter to submit the details to Authorized dealer Claiming of export incentives if any