Can a Bill of Lading (BL) be predated for LC negotiation?
Thursday, October 27, 2016     Category : Bill of Lading

 The information provided here is part of Export Import Online Tutorial


Can a Bill of Lading (BL) be predated for LC negotiation?Can a Bill of Lading (BL) be predated for LC negotiation

 

 

 

This is a general query who may ask in the trade of export. Can a Bill of Lading be dated as shipping bill date or after filing shipping bill with customs?

The answer is, Bill of Lading can be only issued on or after date of completion of customs formalities. In India, the last formality of completion of customs formalities is to obtain ‘let export’ order on shipping bill.

In some cases, due to delay in procuring goods or delay in manufacturing goods, the movement of goods for customs clearance procedures may get delayed. If the shipment is under Letter of credit (LC), the date of shipment is a crucial dead line, as the exporter need to obtain bill of lading on or before the date of expiry of shipment date under Letter of credit. Some of the exporters believe, they can obtain bill of lading date as shipping bill date. This is wrong. Shipping bill date can be obtained from customs immediately up on filing shipping documents with customs authorities. The physical presentation of cargo before customs department is not necessary to file shipping bill. However, the ‘let export’ order can be obtained only after movement of goods to the customs bonded area for export purpose.

Here, the shipping line or freight forwarder as ‘carrier of goods’, can issue bill of lading only after obtaining ‘let export’ order of shipping bill as a proof of completion of customs formalities. This means, the goods to be exported already arrived at bonded area of customs and the cargo is ready to transfer to ‘carrier’ after necessary export customs formalities.Can a Bill of Lading (BL) be predated for LC negotiation 2

In order to satisfy the exporters to meet the requirements under Letter of Credit,  some of the shipping liners or carriers ‘helps’ their clients by issuing Bill of Lading date as shipping bill date or after shipping bill date. However, this ‘help’ is treated as fraudulent if any claims for insurance or any other claims from buyer or agencies occurs.

 

Does this article help you? Please comment.

 

 

The above information is a part of Import Export Training online

STALE BILL OF LADING What does it mean?   Difference between Clean On Board Bill of Lading and Shipped On Board Bill of Lading.   Can Original Bill of lading be surrendered under DP terms of payment  Can Original Bill of lading be surrendered under LC at sight   Can Bill of Lading be surrendered on LC terms   How to obtain a duplicate BL, if original bill of lading lost?  Can a Bill of Lading be consigned to a customs broker?   Can I get bill of lading before loading cargo   Can two consignments meant for one buyer be shipped together under one Bill of Lading?    Consignee To Order in Bill of Lading    How to avoid delay in receiving OBL Original Bill of Lading?   Amendment of Bill of Lading    How to amend shipper details in Bill of Lading?.   How to surrender HBL House Bill of Lading   Surrender of Bill of Lading Some facts How does Bill of Lading work in Sight LC.   How does Bill of Lading work in DP payment terms?   Can a Bill of Lading (BL) be predated for LC negotiation?   What is the earliest date can be mentioned on Bill of Lading. Can BL date and let export date be same day?   Can shipping line predate Bill of Lading,What is the earliest date can be mentioned on Bill of Lading.    What is Said to weigh in Bill of Lading   What is Shipper Load, stow and count in Bill of Lading    What is said to contain in Bill of Lading.   Can an importer take delivery of goods without original bill of lading?  What is House BL House Bill of Lading   Can Bill of Lading (BL) be before date of Certificate of origin GSP?   What is Express Release Bill of Lading?  Can Bill of Lading be surrendered at port of loading?    Transferability of Bill of Lading  What is charter party bill of lading ?   How  transshipment bill of lading works?   What is Combined Bill of Lading / Multi model Bill of Lading   Unclean Bill of Lading/Claused bill of lading/foul bill of lading/Dirty Bill of Lading   What is Clean on board Bill of Lading?  Is received for shipment Bill of Lading sufficient for LC negotiation?  Different types of Bill of Lading   3 Reasons under Importance of bill of lading in international trade   When can an exporter get bill of lading from shipping company?   


 

Other details on how to import export 

 Spelling error in LC? Is wrong spelling a discrepancy under Letter of credit.
Disadvantages of LC (letter of Credit) to Importer.
Disadvantages of Letter of credit (LC) for Exporter
Advantages of LC - letter of credit – to Importers.
Advantages of Letter of Credit (LC) for exporters
How Letter of Credit (LC) works
Difference between LC expiry and shipment date expiry
Procedures for negotiation of export documents 
Excise and Customs - Click here to read complete notification under Budget 2014
How to get Export Orders?
How to settle dispute in Exports and Imports?
Click here to know India Trade Classification(ITC)
Pre shipment bank finance to suppliers for exports through other agencies
Types of export containers
Measurement of export containers

 


Export Import Policy of India 2015-20
MEIS, Merchandise Exports from India Scheme
SEIS, Service Exports from India Scheme
Merge your Commercial Invoice and Packing List for all your future exports
Export procedures and documentation

 

Is Letter of Credit LC safe for an Importer?

 Is ON BOARD CERTIFICATE required for LC negotiation

What is Rummaging

How does First Appraisement system of import customs clearance procedures work?

 How does Letter of Credit work?

How does STP units work in India?

How does TT (Telegraphic Transfer) work?

 How does Wire transfer work in international business?

Sea carriers

sea exports

SEZ benefits

Shipping lines worldwide

Short shipment in Export business
Shut out procedures to get back goods to exporter's place
Spelling error in LC? Is wrong spelling a discrepancy under Letter of credit?
Stuffing and De stuffing – 2 regular terms used in shipping
Surrender of Bill of Lading – Some facts
Switch BL
What is the difference between BAF and CAF
What is the difference between High sea sales and imports
What is the difference between re-exports and re-imports
How does First Appraisement system of import customs clearance procedures work?
How does Letter of Credit work?
How does Bill of Lading work in DP payment terms?  
How does STP units work in India?
What is VACIS exam in US import customs clearance
The term FCL. What is FCL means 
How does a Running bond work?

Travelers to India under import duty exemption, Frequently Asked Questions Part 2

 

 


Comments

 
Arif Safi Says :
Sunday, January 19, 2014
Thank you Admin I got so many unknown knowledge form your articles. wish you all the best for future. keep posting.
Chetan Anand Says :
Thursday, February 19, 2015
We would appreciate if you would kindly clarify our query. Party ( India) is Buyer Party ( UK ) is seller Party ( Holland ) is shipper. Party (India) has to make payment to Party UK and Party UK has to make payment to Party Holland.Party Holland will ship the goods direct to party India on instructions of Party UK.In such case How will the B/L be made ? Reference to the above Is Party UK - consignor or it will be mentioned on B/L as " To order of - Notify Party " Is Party Holland shipper or consignor ? Party India is Buyer / consignee and Party India has to make payment to UK Party.Please advise in such case how the B/L will be made. Whose names would be mentioned in the following ? Consignor Consignee Shipper Notify Party
 

Discussion Forum


You can also share your thoughts about this article.
Any one can answer on question posted by Readers



  Your Name - required  
  Email ID will not be published - Required  
   
(Enter above code)  


 

   
Track Your Air Shipment Here 
Track Your Sea Shipment Here 
   
   
   
   
   
 
Most Recent Articles
» Exempted GST on Services by a hotel, inn, guest house, club or campsite
» No GST on Services by a person by way of renting of precincts of a religious place meant for general public
» No GST on Service of transportation of passengers by metered cabs or auto rickshaws
» Zero rate GST on Service of transportation of passengers by public transport
» Zero rate percentage GST on Service of transportation of passengers by metro, monorail or tramway
» No GST on Service of transportation of passengers by railways in a class other than first class
» No GST under Any other insurance scheme of the State Government
» Nil rate of GST under Pradhan Mantri Vaya Vandan Yojana
» No need to pay of GST under Pradhan Mantri Jan Dhan Yogana
» Nil tariff GST on Services of life insurance of Pradhan Mantri Jeevan JyotiBimaYojana
  Import  |
  Export  |
  For Beginners  |
  Track Your Shipment  |
  Abbreviations  |
  Inco Terms  |
  Export India  |
  Import India  |
  Import US  |
  Export Import Terms  |
  Export incentives and benefits  |
  FAQ  |
  Bill of Lading  |
  Foreign Trade Policy 2015-20  |
  Start your own Export Import Business  |
  HS code  |
  Indian Budget 2014-15  |
  Banking (India)  |
  India Trade Classification (ITC)  |
  How to Import  |
  Containers  |
  Indian Budget 2015-16  |
  Income Tax  |
  Forms  |
  How to export  |
  Foreign Trade Policy 2014-19  |
  Freight forwarding Terms  |
  Business Terms  |
  Terms in Banking  |
  Shipping Terms  |
  Import Terms  |
  Export Terms  |
  Customs Terms  |
  Excise Terms  |
  International Business Terms  |
  Notifications  |
  GST  |
  SVB  |
  Indian Budget 2016-17  |
  Income Tax  |
  HS Codes  |
  GST Law  |
  GST,FAQ  |
  HSN Codes for GST  |
  SAC for GST  |
  Indian Budget 2017-18  |
  Service Tax 2017  |
  GST rates  |
  Logistics  |
  GST service code  |
  GST exemptions  |
  Me  |  Privacy policy  |  Terms and conditions  
Designed and Hosted by Adsin Media