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Advance against Undrawn Balances : In some of the export business, it is the trade practice that the bills are not drawn for the full invoice value of the goods. A small part of the bills is left undrawn for payment after adjustments due to difference in weight quality, etc. Advances are granted against such undrawn balances. In this case the export proceeds must be realised within 90 days.
The advances are granted provided the undrawn balance is in conformity with the normal level of balances left undrawn subject to a maximum of 5% of the full export value. The exporters are supposed to give an undertaking that they will surrender the balance proceeds within 6 months from the date of shipment
Distinction between Domestic Sales Contract and Export Sales Contract : A major point of distinction between a domestic and export contract lies in identifying the prope
INSURANCE CLAIMS : When there is a loss, the insured is to proceed to claim the loss recovery from the insurer. The cardinal principle about insurance claims is that the insured
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PORT PROCEDURES : Export cargoes can be brought into the port only after the ship has been all owned a berth and declared for loading. Some port authorities in India require the s
Permitted Methods : Export payment must be received in a currency appropriate to the country of final place of destination of the goods as declared on GR. etc., forms. Reserve Ran
Advance against Retention Money: Banks grant advances against retention money, which is payable within one year from the date of shipment. The advances granted upto 90 days. If su
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Export of Repaired Goods: Goods or parts thereof on being exported and found defective damaged or otherwise unfit for use may be imported for repair and subsequent re-export. S
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