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Export Import Procedures and Documentation-2-NMIMS Solved Assign

Export Import Procedures and Documentation-2-NMIMS Solved Assign

Q1 Maya Corporation is a private limited company. A few directors have left and two new directors got inducted on the board. Also the company acquired 2 new branches and one factory. The company has not incorporated the changes in the IEC certificate. You have joined the company just 15 days back and you have noticed these discrepancies. Kindly explain the following:

(a) Can they import any item against this IEC which is to be amended with many changes? Within how many days the changes have to be informed to DGFT?

(b) What are the penalty for not changing directors’ name and not including the branches/factory in the IEC?

 

Q2 Modern Manufacturing Limited raised a Purchase Order to import one piece of machinery. The exporter wanted the payment thru LC (Letter of Credit) and the importer Modern Mfg. Limited agreed for the same. The exporter exported the machinery and sent all original documents to Modern Manufacturing Limited promptly. The importer has custom cleared the machinery immediately. Please explain the following:

(a) Has the exporter followed the procedure of LC? Has the importer paid the money to the exporter?

(b) What are the errors in this transaction and how, do you think, the exporter will get the money from the importer? What should be the moral responsibility of importer in this case?

 

 

Q3 Regal manufacturing company has imported one consignment of chemicals from Japan. They gave all documents i.e. commercial invoice, packing list, bill of lading, chemical analytical report to their customs broker (erstwhile customs clearing agent) to clear the consignment under Free Trade Agreement. However customs has refused to give the benefit to the importer.

(a) Kindly explain the reason for disallowing the benefit? What document is missing in the entire set for customs clearance?

(b) What is the remedy to get the benefit of Free trade agreement?

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