There are many types of cargo Insurance that are tailored to specific needs of the shipper and the risks involved. Cargo insurance is broadly classified into land, marine and air cargo insurance , according to the mode of transport used. Land cargo insurance This insures cargo that is moved by land transportation, which includes trucks, train and small utility vehicles. It covers … Read more
Is marine and cargo insurance the same? Marine insurance is another variant of the general term ‘insurance’ and, is designed to manage risks in the event of unfortunate incidents like accidents, damage to the maritime property such as ships, crew, cargo, terminal ports, offshore installations and floating equipment and loss of life. Marine insurance can … Read more
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 due to unforeseen events. destined from origin port to entry port. It gives the coverage for waterways, roadways and air shipment. Cargo insurance gives you the certainity that, if … 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 documents required for … 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 operations or cross-border trade, the cargo must be cleared by the customs officials of that country to protect and safeguard the country from dangerous things entering its territory. As an exporter or importer, it is important to register with the customs department to deliver the cargo smoothly, with no legal hassles and … 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
