The information provided here is part of Export Import Online Tutorial
Can a Bill of Lading (BL) be predated for LC negotiation?%20be%20predated%20for%20LC%20negotiation_thumb.jpg "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.%20be%20predated%20for%20LC%20negotiation%202_thumb.jpg "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.
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The above information is a part of Import Export Training online
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