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Prescribed Period: The amount representing the full export value of the goods exported shall be realised and be paid to the authorised dealer when it is due. The amount should be realised either on the due date for the payment or within six months from the date of shipment of the goods whichever is earlier. The period is extended to fifteen months where the goods are exported to a warehouse established outside India with the permission of the Reserve Bank. For exports to CIS countries and other East European countries Reserve Bank may permit realisation period upto 12 months. The Reserve Bank may extend the period of six months of twelve months or fifteen months if sufficient and reasonable causes are shown by the exporters.
TYPES OF LOSSES: Let us now discuss the extent of loss coverage provided in the insurance policy. For this purpose, you should first understand the mean of the term of "Loss".
Sales Tax Exemption : Purchase of goods meant for exports are exempted from sales tax including Central Sales Tax. However, the purchaser of goods has to be a registered dealer fo
Free Exports: All goods may be exported without any restriction except to the extent such exports are regulated by the Negative List of Exports or any other provision of this poli
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Exclusion Clauses : Notwithstanding the vast range of perils covered under the contract of cargo insurance, insurance cover is not provided against a number of perils and losses.
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Legal Framework : Section 50 of the Indian Customs Act requires the exporter to file a declaration in a prescribed form and submit supporting documents to enable the customs autho
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