Custom Shipping and Insurance-1st-2016-NMIMS

Custom Shipping and Insurance-1st-2016-NMIMS
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Q1: Rahul and Associates imported goods and processed the customs clearance. However, the customs has not accepted the value declared by the importer for assessing the duty. The goods are stuck in the customs and any delay in clearance will incur demurrages. Kindly give your inputs to clear this consignment immediately to avoid demurrages and what type of assessment he can opt for and under which section of Customs Act 1962. (10 marks)
Q2: Apex Corporation has imported one consignment. At the time of clearance, the company found that a few items got totally damaged and a few got deteriorated. Apex Corporation cannot use these items and refused to pay duty on the same. Kindly explain the course of action to be taken by the importer with the customs and which section of the Customs Act 1962 gives guidance for such clearances. (10 marks)
Q3: You have been appointed as Head of the Insurance dept of an international trading company. One consignment has been imported by your company on FOB basis and at the time of examination your customs broker found shortages due to pilferage in the consignment. He has sought your advice on this clearance. What is the section in Customs Act 1962 for Duty on pilfered goods?
a) As an Insurance dept head, what advice will you give to the Customs broker and his action plan to handle this in the customs premises? What is the section in Customs Act 1962 for Duty on pilfered goods (5 marks)
b) How do you propose to claim the insurance of the short landed items (5 marks)
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