Presentation of Documents for Negotiation after exports

Presentation of Documents for Negotiation after exports

 

Presentation of Documents for Negotiation after exportsAfter shipment of goods, exporter has to negotiate the documents through a bank within a period of 21 days from the date of shipment. Submission of relevant documents to the bank and the process of obtaining payment is called "Negotiation of Documents". Documents which are submitted, in this context, to the bank are called "Negotiable set of Documents" which normally contains:

Bill of Exchange, Sight Draft or Usance Draft. • Full set of Bill of Lading or Airway Bill. • Customs Invoice. # • Commercial invoice including one copy duly certified by customs. • Packing List. • Original Letter of Credit. • Certificate of Origin. • Exchange control copy of the Shipping Bill. • Marine Insurance Policy, in duplicate.

When the documents are presented under Letter of Credit, Negotiating Rank makes the payment immediately. In the absence of letter of credit, exporter's bank may purchase the documents and provide funds immediately or send for collection and on realization gives credit for the amount collected, after deducting commission.

 

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