Export Import Procedures and Documentation-1st-2016-NMIMS

Export Import Procedures and Documentation-1st-2016-NMIMS
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Q1) M S Engineering imported a consignment on CIF basis. The exporter has sent all documents on time to M S Engineering. However the clearing dept of the company has forgotten to file the bill of entry within the stipulated time. How do you propose to clear this goods from the customs by giving the details of stipulated time to custom clear, including auction plan of customs for un-cleared goods (10 marks)
Q2) Paresh Trading has imported a consignment on FOB basis. The consignment has been cleared by Paresh Trading and was taken to their warehouse. As it was FOB, the importer covered the insurance of the cargo from origin port to destination port. The vehicle met with an accident enroute warehouse from the port. The importer filed the insurance claim and the same got rejected. Please explain the reason for rejection of claim and the preventive measures to be taken by the importer for their future consignments (10 marks)
Q3) An importer, who is doing the trading of imported items, has imported high value cargo based on the orders received from his clients. Accordingly the consignment was on the way to Mumbai Nhava Sheva port. However, a few clients suddenly cancelled the orders due to poor market conditions. The importer, was not in a position to force them to take the consignment. The importer does not have sufficient funds to pay the duty to clear the consignment. Also he has to look out for new customers to sell the excess stock. He has approached you for a solution to clear this.
a. Please explain the method to clear this consignment without payment of duty till he improves his financial conditions. (5 marks)
b. Can he export the unsold cargo to any other country? If yes, what is the procedure to export from bond and what should be the invoice value? (5 marks)
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