Articles under Export India

Shipping and Customs Formalities

Shipping and Customs Formalities   According the Section 40 of the Customs Act, the person in-charge of the conveyance vessel, vehicle, aircraft, etc., cannot permit loading of export cargo at the Customs Station unless and until a formal permission to the export given by the authorised Customs Officer is presented. Before granting the permission, the Customs Officer ensures that the goods being exported are in accordance with different regulations, particularly in terms of the

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Quality Control and Pre-shipment inspection

Quality Control and Pre-shipment inspection In order to promote exports of quality goods as per the international standards, the Government of India has introduced compulsory Quality Control and Pre-Shipment Inspection for 90% of the items of export under one or the other system as per the Export (Quality Control & Pre-shipment Inspection) Act, 1963. Some of these items are:   (a) Food and agricultural products; (b) Chemicals and allied products; (c) Engineering go

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Forfeiting scheme of EXIM bank of India

Forfeiting scheme of EXIM bank of India The term forfeiting comes from the French expression 'forfeit' which means 'surrender of certain rights: Forfeiting is a method of getting payment for exports by the exporter. The forfeiting agency discounts trade receivables of the exporter, without any recourse to him, in the unlikely event of the buyer not paying for the transaction. Trade receivables include bills of exchange, promissory notes, book receivables and deferred payments under le

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Financial Assistance from Commercial Banks

Financial Assistance from Commercial Banks Commercial banks play an important role in financing the credit requirements of exporters at different stages of export, viz., pre-shipment and post-shipment stage. Granting of short-term finance for working capital requirements has always remained an area exclusively reserved for the commercial banks. Commercial banks also offer post-shipment finance against deferred payment at a concession& rate of interest together with the EXIM Bank.

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CIF Contract of International Trade

CIF Contract of International Trade Under the Cost, insurance and Freight (CIF) contract. The seller has same obligations as under cost and Freight (C&F) contract but with the addition that he has to procure marine insurance against the buyer’s risk of loss or damage to goods during carriage. The seller contract for insurance and pays the insurance premium, However, seller is required to obtain insurance on minimum coverage only. The CIF term requires the seller to clear goo

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