A Cargo insurance certificate is a Important document in export-import transactions. Insurance covers any type of damage or loss, when goods are in the main carriage destined from origin port to entry port. It gives the coverage for waterways, roadways and air shipment. The insurer gives the insurance policy certificate to the shipper or buyer, … Read more
Foreign exchange regulations in India mandate for Exchange control declaration form, if goods are exported beyond $ 25,000 per transaction. Accordingly an exporter has to file a declaration in the format prescribed by RBI and submit the same to the Indian customs. The Exchange Control Declaration (previously GR) Form is essential for declaring exports of … Read more
Bill of Entry (BoE) and its significance in international trade. What is a Bill of Entry? The Bill of Entry is a key import document used in export-import transactions. It serves as a formal declaration by an importer to the customs authorities, providing essential details about the imported goods. Purpose of the Bill of Entry(BOE): … Read more
In international trade, ensuring smooth import operations is based upon meticulous and accurate filing of import documents. Whenever, importing goods or products to new overseas markets, having the right paperwork in order is crucial. Proper documentation speeds the movement of goods across borders & also mitigates risks and ensures transparency in transactions. List of mandatory documents required … Read more
Export documents is of prime importance in iin international trade. It is through this documents that financing of shipments, transportation of cargo is possible. Export documents help in implementing transfer of goods to the importer. Export documents are mandatory to realize payment for the consignment safely. Export documents divided into 3 categories: A) commercial export … Read more
In any export-import operatins or crossborder trade, the cargo must be cleared by the custom officials of that country to protect and safeguard the country from dangerous and hazardous things entering in their territory. As an exporter or importer it is important to register with the customs department so that the cargo can be delivered … Read more
As per the FTP of India, export and import of goods are not allowed without an Importer Exporter code number. IEC code is issued by DGFT a competent authority, that acts under the administrative control of Ministry of Commerce and industry, GOI. The DGFT is authorized to grant IEC code license to the exporter or … Read more
Incoterms, or International Commercial Terms, are a set of predefined commercial terms published by the International Chamber of Commerce (ICC) that are widely used in international commercial transactions or procurement processes. They are primarily used to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods. Different Incoterms are better … Read more
An international transaction begins either from the side of the exporter or from an importer based on forces of demand and supply. If importer demands any supply from an exporter the willingness is communicated through import quotation and if exporter makes an offer to sell something to the importers it is called proforma invoice. Importance … Read more
Charter party and bill of lading are integral components within the shipping industry. They ensure smooth operations, protect stakeholders’ interests, and provide necessary documentation for various purposes. common features and details of charter Party bill of lading: While the specific features may vary depending on the terms of the charter party and the needs of … Read more
Charter party shipments involve signing a charter party contract between the owner of the vessel and the charterer (usually the applicant or the beneficiary, depending on the Incoterm that is used in the documentary credit). Charter Party Bill of Lading (CPBL’s) are issued subject to the terms and conditions of a charter party. A CPBL is … Read more
A charter party bill of lading is a specialized document used in international shipping and operates within the context of a charter party agreement. Here, the party chartering(renting) the vessel hires a vessel in order to take its goods from port A to port B within a certain period of time. Charter party shipments are … Read more
In any international trade transaction, the issuing bank or the confirming bank must pay the credit amount to the beneficiary, when they determine that the presentation is complying. Under a discrepant presentation, the beneficiary can get the payment, only if the applicant accepts the discrepant documents. The most common mistakes exporters make is overseeing the discrepancy … Read more
International trade finance is associated with payment risks under different circumstances and conditions. The the LCs were modified with the objective to serve the traders of the international market to deal with different types of demands and conditions and different types of LCs were invented.
The exporter is guaranteed payment with a confirmed letter of credit,(LC) even if the issuing bank of the importer defaults in paying, the Confirming Bank of the exporter will complete the payment in full to the exporter.
A bill of exchange is a financial instrument used in international trade and commerce. Bills of exchange are similar to checks and promissory notes—they can be drawn by individuals or banks and are generally transferable by an endorsement. the key differences between a bill of exchange and a promissory note:
Fishes and shrimps are the most consumed seafood across the world as the nutrition value of the fish is high in omega-3 fatty acids. Fish is one of the most perishable and temperature ,sensitive product. To maintain the quality of the fish at the desired standards, seafood packaging for transportation play major role in improving … Read more
How to start a business in India If you want to become an entrepreneur, it is time to think about how to start a business in India on your own. Anyone with a business idea can start a business a business in India if they know the basic legal framework of establishing small firms or … Read more
easy custom clearance for travelers to India
With the introduction of E-commerce, in international trade, there has been a gradual shift in the way in which business operates. Traditional management of global supply chain was too slow, error prone and inflexible to operate competitively. ‘Bolero’ is a digitalized data interface where electronic bill of lading is issued per consignment in real time. … Read more
Road ahead for Indian foreign Trade policy. This year, India’s Commerce and Industry Minister, Piyush Goyal, presented the new foreign trade policy for 2023-28 and set an ambitious goal to achieve US$2 trillion in exports by 2030. The policy included new initiatives that directly benefit Indian SMEs seeking to expand their reach and sell more … Read more
How to Apply for PAN online through NSDL wesite PAN NO: PAN stands for Permanent Account Number in its entire form. The Department of Income Tax issues the PAN card, which has 10 alphanumeric digits. Applying for a PAN card online is facilitated by the National Securities Depository Limited (NSDL)website through Protean eGov Technologies Limited. or … Read more
