PRECAUTIONS IN SCRUTINY OF DOCUMENTS UNDER IMPORT CUSTOMS CLEARANCE
The following are the important precautions to be taken by the exporter to ensure that the documents do not have any discrepancy.
1. Bill of Exchange
The bill of exchange should be
(a) Drawn on the party/bank as stated in the letter of credit
(b) Drawn in favour of the negotiating bank
(c) Drawn for a period not exceeding six months from the date of shipment when it is usance bill (d) Drawn in sets as per the terms of L/C, marked first and second bill of exchange for the net amount of the invoice
2. Invoice
(a) It should be prepared on the standard invoice form and properly signed.
(b) Description of the goods in the invoice should strictly conform to the description of goods in TIC.
(c) It should be certified by the authority as required in L/C.
(d) Value of the invoice should not be more than the amount available on the letter of credit.
(e) Currency of the invoice should be as per L/C.
3. Bill of Lading
(a) It should be presented in full set, with as many negotiable and non-negotiable copies as mentioned in letter of credit.
(b) Bill of lading should be marked "shipped on board" unless L/C permits received for shipment or combined transport document.
(c) It should not contain any adverse clauses as to the condition of goods or packing.
(d) It should be issued in the name of the shipper and blank endorsed or made out to the order of the overseas bank, as per the terms of L/C.
(e) If bill of lading states that the goods are received for shipment and later stamped "ON BOARD", the stamp should bear the date of shipment "ON BOARD" with the authorised signature of the carrier.
(f) Date of shipment should not be later than the date specified in L/C.
(g) It should bear the name of the notifying party, if required
(h) Additional condition such as "stored in refrigerated compartment" incorporated if it is requirement of the L/C.
4. Airway BM The airway bill should indicate the following:
(a) Name of the carrier
(b) Place and date of issuance –
(c) Name of the consignor and consigned
(d) Port of loading and destination Air way bill should not be claused or a charter party
5. Certificate of Origin
a) The Chamber of Commerce or other competent authority as required by Lic should issue it.
b) It should state the country of origin details
c) It should state the description of goods, invoice number and shipping marks
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