Explain the meaning of the following documents used in connection with import transactions (i) Trade enquiry (ii) Import license (iii) Shipment of advice (iv) Import general manifest (v) Bill of entry



Q.14:- Explain the meaning of the following documents used in connection with import transactions (i) Trade enquiry (ii) Import license (iii) Shipment of advice (iv) Import general manifest (v) Bill of entry

 

Answer:-

(i) Trade Enquiry A trade enquiry is a written request by an importing firm to the exporter for supply of information regarding the price and various terms and conditions on which the latter is ready to exports goods.

(ii) Import License License which permits the import of goods that cannot be imported freely is called an import license. The importer needs to consult the Expurl Import (1ZXIM) policy in force to know whether the goods that he or she wants import are; subject to import licensing. In case goods can be imported only the license, the importer needs to procure an import license.



(iii) Shipment of Advice Shipment advice contains information about the shipment of goods. The information provided in the shipment advice includes details such as invoice number, bill of lading/airways bill number and date, name of the vessel with date, the port of export, description of goods and quantity, and the date sailing of vessel. The overseas supplier dispatches the shipment advice to the importer after loading the goods on the vessel.

(iv) Import General Manifest Import general manifest is a document that contains the details of the imported goods. It is a document on the basis of which unloading of cargo takes place. It is provided by the person in charge of the carrier (ship or airway) to the officer in charge at the dock.

(v) Bill of Entry Bill of entry is a form filled by the importer for assessment of customs import duty. One appraiser examines the document carefully and gives the examination order. The importer procures the said document prepared by the appraiser and pays the duty, if any. After payment of the import duty, the bill of entry has to be presented to the dock superintendent. The examiner gives his report on the bill of entry which is then presented to the port authority which issues the release order after receiving necessary charges.