In this case we've been looking at the risk of using fo B for an exporter let us take a look at the facts of the case in the next slide an imported Atlanta entered into a sales and purchase contract with the exporter a manufacturer of fine woven carpets in India for 700 thousand US dollars on fo B basis the method of payment is by D P when the goods was ready the importer requested the exporter who passed the container load of goods to his NVOCC in Mumbai NVOCC stands for non vessel operating can command carrier which is a common carrier that holds itself out to the public to provide ocean transportation issues its own house bill of lading or equivalent document and does not operate the vessel by which ocean transportation is provided after the exporter transferred the goods to NVOCC 1 it issued an NVOCC bill of lading also commonly known as the house bill of lading or freight for this bill of lading to the exporter exporter prepared a collection instruction and attach the NVOCC BL together with other documents such as invoice and packing lists and submit it to his remitting bank the exporter requests the remitting bank to send the documents to the importer in atlanta and collect payment on their behalf the remitting bank forwarded the documents to the collected bank for it to collect payment from the importer meantime the NVOCC one ships out the container through a shipping agent in mumbai once the container of goods are loaded onto the vessel the shipping agent issue an ocean BL which miss the NVOCC one as the shipper and the NVOCC two in Atlanta as a consigning Music subsequently NVOCC one forwards the ocean bl2 NVOCC to when the goods...
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What is a Bill Of Lading and what is its purpose Form: What You Should Know
The carrier ensures the goods are kept in a safe and secure environment on their way from the point of origin to the point of delivery. · The carrier's role in the process is to find the best transport company, which has the resources to deliver the goods on the carriers' behalf, and is able to operate effectively to meet the deadlines of the contract and the carrier's own timetable. Bill of Lading — What happens after it is signed? — In order for the carrier to ensure that it is operating within the terms of the deal, it is important that it gets all the legal documents and paperwork before the goods are put on a ship, or even at its destination. The Bill of Lading, if not followed to the letter, may result in the shipper and the carrier being left hanging, which can lead to significant delays to cargo delivery. However, if the goods are shipped on to the vessel in the correct quantities with the correct types of packaging and in the appropriate manner, a bill of lading can create an acceptable solution. Bill of Lading — Why is it important? How is it defined? How can you use it in your business? — The Bill of Lading is a contract of carriage between the carrier and the shipper or receiver. The carrier certifies that the goods will be delivered at that destination on a particular date and that the carrier has paid an appropriate tariff on the carrier's behalf to the shipper. The shipper and carrier both give a bill of lading to the carrier, and that bill of lading is then signed and sent to the customs/excise officials responsible for the shipping. The Customs and Excise officials will check that the goods have been entered on to the correct carrier, and then stamp the bill to make it enforceable. The Customs and Excise officials are the ones who determine whether the goods are allowed in to the country and what type of tariff the government has placed on importation so that it takes into account domestic and global price pressures.
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FAQ - What is a Bill Of Lading and what is its purpose
What is bill of lading?
A Bill of Lading (B/L or BoL) document is an extremely important document involved in the shipping and logistics industry. A Bill of Lading is a document that is issued by the Carrier of goods to the u201cShipperu201d of the goods. Itu2019s a document to provide evidence or proof of shipment. This is extremely important in International Trade as it provides u2018titleu2023 as to who legally owns the cargo. The Bill of Lading acts as evidence of Contract of Carriage, receipt of goods and document of Title to the goods. The owner of the cargo (the holder of the Bill of Lading) has the legal rights to claim the goods or arrange transfer ownership of the cargo to another party in the supply chain.Useful information on how the Bill of Lading is actually usedu2026The Bill of Lading is important in International Trade when it comes to the IncoTerms that the goods are sold on and the payment terms agreed between buyer and seller. In alot of cases, buyers and sellers will agree to pay a deposit to the supplier then arrange the balance payment u2018upon receipt of Bill of Ladingu2019. This means that when the goods have been shipped and the shipper receives the Bill of Lading from the carrier (shipping line), the shipper will use this document as security and will only email a u2018copyu2023 of the Bill of Lading to the buyer to prove that the goods have been shipped and to request the balance payment. The shipper will hold title to the original Bill of Lading (originals) and therefore legally retain ownership of the cargo. The shipper will use this as security to ensure that they receive the balance payment for the goods. Bill of Ladings are also used when shippers and consignees arrange Letteru2019s of Credit (L/Cs) with both party's banks. Letters of Credit are contracts written between the shipperu2019s bank and the consigneeu2019s bank that will guarantee payment of goods u2018upon Bill of Ladingu2019.Once the buyer has made the balance payment the shipper will u2018surrenderu2023 the Bill of Lading and tell the shipping company to issue an u2018Express Releaseu2023 or 'Telex Release' Bill of Lading. This Express Release Bill of Lading will allow the title of goods to be transferred to the buyer without the buyer having to actually receive the original Bill of Lading documents in the mail. The buyer will use this Express Release Bill of Lading to arrange customs clearance and release of their cargo at the port of destination.Read this article to understand:The difference between Freight Collect and Freight Pre-PaidInformation that is included on a Bill of LadingAn example Bill of Lading
What are the main functions of a bill of lading?
A Bill of Lading (B/L or BoL) document is an extremely important document involved in the shipping and logistics industry. A Bill of Lading is a document that is issued by the Carrier of goods to the u201cShipperu201d of the goods.The main function is to:1 - Provide evidence or proof of shipment2 - Provide a receipt of goods3 - Provide u2018titleu2023 as to which party legally owns the cargoThe owner of the cargo (the holder of the Bill of Lading) has the legal rights to claim the goods or arrange transfer ownership of the cargo to another party in the supply chain.Read this article to understand the difference between Freight Collect and Freight Pre-Paid, information that is included on the Bill of Lading, and an example Bill of Lading.
What is the importer declaration document under a custom clearance of import cargo?
Documents required for import customs clearance in IndiaThis is one of the important articles in export and import trade u2013What are the documents required for Import clearance? One of frequently asked questions is u2018documents required for import clearanceu2019Unlike other articles, I can not provide a u2018capsuleu2023 solution on this article about documents required for import customs clearance. I will explain reason behind it. First of all, let me clarify: the documents required for import clearance under all products are not same. However, we can discuss about the common documents required for import customs clearance in importing countries. I will provide you a some general information on documentation of import customs clearance from which you can have a common idea on the subject. I hope, this information helps you a lot to know about documents required for import clearance generally.Since various types of commodities are imported from different countries, a complete list of documents for import customs clearance procedures can not be provided. More over, different countries have their own policies in turn different procedures and formalities for import clearance. Each product under import and export is classified under a code number accepted globally which is called ITC number.There may have bilateral import export agreements between governments of different countries. Imports and exports from such countries may have exemptions on documentation for export and import clearance.However there are legal documents, common documents and specific documents on commodity basis required to complete import customs procedures.Let us discuss some of the common documents required for import customs clearance procedures and formalities in some of the importing countries.Bill of Entry:Bill of entry is one of the major import document for import customs clearance. As explained previously, Bill of Entry is the legal document to be filed by CHA or Importer duly signed. Bill of Entry is one of the indicators of u2018total outward remittance of countryu2023 regulated by Reserve Bank and Customs department. Bill of entry must be filed within thirty days of arrival of goods at a customs location.Once after filing bill of entry along with necessary import customs clearance documents, assessment and examination of goods are carried out by concerned customs official. After completion of import customs formalities, a u2018pass out orderu2023 is issued under such bill of entry. Once an importer or his authorized customs house agent obtains u2018pass out orderu2023 from concerned customs official, the imported goods can be moved out of customs. After paying necessary import charges if any to carrier of goods and custodian of cargo, the goods can be taken out of customs area to importeru2019s place. For further read: How to file Bill of Entry online? How to file Bill of Entry manually? Can Bill of Entry be filed before arrival of goods at destination?Commercial Invoice.Invoice is the prime document in any business transactions. Invoice is one of the documents required for import customs clearance for value appraisal by concerned customs official. Assessable value is calculated on the basis of terms of delivery of goods mentioned in commercial invoice produced by importer at customs location. I have explained about the method of calculation of assessable value in another article in same web blog. The concerned appraising officer verifies the value mentioned in commercial invoice matches with the actual market value of same goods. This method of inspection by appraising officer of customs prevents fraudulent activities of importer or exporter by over invoicing or under invoicing. So Invoice plays a pivotal role in value assessment in import customs clearance procedures. Read more: How to prepare Commercial Invoice? Contents of Commercial Invoice. Difference between proforma Invoice and Commercial Invoice. Howmany types of Bills of Entry in India?Bill of Lading / Airway bill :BL/AWB is one of the documents required for import customs clearance.Bill of lading under sea shipment or Airway bill under air shipment is carrieru2019s document required to be submitted with customs for import customs clearance purpose. Bill of lading or Airway bill issued by carrier provides the details of cargo with terms of delivery. I have discussed in detail about Bill of Lading and Airway bill separately in this website. You can go through those articles to have a deep knowledge about documents required for import customs clearance. Read more about:Different types of Bill of Lading When to release Bill of Lading? Importance of Bill of LadingImport LicenseAs I have mentioned above, import license may be required as one of the documents for import customs clearance procedures and formalities under specific products. This license may be mandatory for importing specific goods as per guide lines provided by government. Import of such specific products may have been being regulated by government time to time. So government insist an import license as one of the documents required for import customs clearance to bring those materials from foreign countries.Insurance certificateInsurance certificate is one of the documents required for import customs clearance procedures. Insurance certificate is a supporting document against importeru2019s declaration on terms of delivery. Insurance certificate under import shipment helps customs authorities to verify, whether selling price includes insurance or not. This is required to find assessable value which determines import duty amount.Purchase order/Letter of CreditPurchase order is one of the documents required for import customs clearance. A purchase order reflects almost all terms and conditions of sale contract which enables the customs official to confirm on value assessment. If an import consignment is under letter of credit basis, the importer can submit a copy of Letter of Credit along with the documents for import clearance. Also read How does Letter of Credit work?Technical write up, literature etc. for specific goods if anyTechnical write up, literature of imported goods or any other similar documents may be required as one of the documents for import clearance under some specific goods. For example, if a machinery is imported, a technical write up or literature explaining itu2019s function can be attached along with importing documents. This document helps customs official to derive exact market value of such imported machinery in turn helps for value assessment.Industrial License if anyAn industrial license copy may be required under specific goods importing. If Importer claims any import benefit as per guidelines of government, such Industrial License can be produced to avail the benefit. In such case, Industrial license copy can be submitted with customs authorities as one of the import clearance documents.RCMC. Registration cum Membership Certificate if anyFor the purpose of availing import duty exemption from government agencies under specific goods, production of RCMC with customs authorities is one of the requirements for import clearance. In such cases importer needs to submit Registration Cum Membership Certificate along with import customs clearance documents.Test report if anyThe customs officials may not be able to identify the quality of goods imported. In order to assess the value of such goods, customs official may draw sample of such imported goods and arranges to send for testing to government authorized laboratories. The concerned customs officer can complete appraisement of such goods only after obtaining such test report. So test report is one of the documents under import customs clearance and formalities under some of specific goods.DEEC/DEPB /ECGC or any other documents for duty benefitsIf importer avails any duty exemptions against imported goods under different schemes like DEEC/DEPB/ECGC etc., such license is produced along with other import clearance documents.Central excise document if anyIf importer avails any central excise benefit under imported goods, the documents pertaining to the same need to be produced along with other import customs clearance documents.GATT/DGFT declaration.As per the guidelines of Government of India, every importer needs to file GATT declaration and DGFT declaration along with other import customs clearance documents with customs. GATT declaration has to be filed by Importer as per the terms of General Agreement on Tariff and Trade.Any other specific documents other than the above mentionedApart from the above mentioned documents, importer has to file additional documents if any required as per the guidelines of government / customs department under import of specific goods.I hope, I could explain you a general idea on documents required for import customs clearance procedures and formalities.
Truckers, how do you know that your 100 pallets of cereal is really that and not 100 pallets of lead which could make you overweight?
The very first thing I do when I leave a shipper is drive to the nearest truck scale. Not the weigh station the DOT uses to catch me if I'm overweight, the scale I pay to use to make sure I'm not. Just about every truck stop has one, and for the low low price of $11.50 you can weigh your vehicle too. If you've ever wondered just how much your minivan weighsu2026go for it.Now I've been driving for over 14 years, I can most certainly tell the difference between an empty truck that weighs around 34,000 pounds and a fully loaded one that can top 80,000. You just develop a feel for it after a while. If there's any doubt as to my weights I go stick it on a scale.Yes the entire grey concrete platform on which that truck is parked is a scale. Accurate to within 20 pounds and capable of weighing somewhere well in excess of 100,000 pounds. I couldn't get a straight answer out of anyone but it's a hell of a lot at any rate.
What is the purpose of life?
When I was young, I couldnu2019t wait to grow up.My family was poor, and I had dreams of a better life.There were many things I longed for. Things that people on TV had. Things that people who were successful had.I thought that the purpose of life was to become financially successful. When I looked around, thatu2019s what everyone seemed to be striving for.I thought if I was successful, I could get whatever I wanted. And success, in this world, was measured by the things you had.When I became a teenager, I began a wish list. A checklist, if you will.I would often cheer myself up by adding items to my list and pledging that I would achieve those things.My list started out small with the whims of a childu2019s fancy, and grew bigger as time went on.One day, Iu2019ll drink soda whenever I want.One day, Iu2019ll buy ice cream whenever I want.One day, Iu2019ll have a full pantry.One day, Iu2019ll eat at a restaurant whenever I want.One day, Iu2019ll go on trips whenever I want.One day, Iu2019m going to college.One day, Iu2019ll get a good job.One day, Iu2019ll have my own apartment.One day, Iu2019ll drive around in my own car.One day, Iu2019ll live in my own house.For many years, I immersed myself into achieving my goals, to accumulating things. Little by little, I checked the items off my list.Years after I first started the list, my husband and I invited a colleague and his family over for dinner.We were living in a modest apartment, and we had to move furniture around to make extra room for our colleague, his wife, and three children. It was a bit crowded, but nobody seemed to mind.After dinner, we put on a Disney movie in the background while we all played games together. The colleague and his wife were charming and engaging, and the kids had fun tumbling and rolling all over the couch in our cosy little living room. Everyone had a blast.A few weeks later, the colleague and his wife returned the gesture and invited us over to their home for lunch.When we drove up to their house, the first thing we noticed was how gigantic the house was. When we rang the bell, our colleague greeted us, and proceeded to take us through an hour-long tour of his house and possessions.As he led us through room after room, what struck us most was how every single person in the family was alone.The two older children were each in their own rooms on the second floor playing on their own. His wife was in the kitchen by herself. And their youngest girl, about six years old, was in the basement home theater, watching cartoons alone.When lunch came around, the family gathered briefly to eat. But as soon as they could, the kids ran off again to be by themselves. And our colleague, tired out from the grand tour he had given, excused himself and retired into his study.That day, while eating lunch in their grand house, everyone appeared bored and indifferent. It was almost as if they were all odd strangers forced to eat together.In contrast to the visit at our home, the family didnu2019t seem interested in talking, laughing, or playing together. They seemed more interested in getting back to their separate spacesu2023 to their things.After everyone disappeared, my husband and I offered the wife our help to clean up lunch. As we chatted while cleaning, a curious thing happened.She came alive.The spark that we had seen the night when they visited returned. That strange, polite film disappeared, and she unfolded, opening up to us. We ended up chatting with her for the next three hours about anything and everything.I had an epiphany that day.I thought that the pinnacle of life was to become financially successful. I thought that successful people got everything they wanted, including a better life.But seeing that hollow loneliness behind the eyes of the wife as we talked to her, and her eagerness and hunger at having a real conversation, made me realize that I was wrong.We had thoroughly enjoyed our time together with the colleague and his family in our crowded apartment. But being in their lavish home amongst all their things didnu2019t make the quality of our time together better. It seemed to make it worse.I realized that day that things donu2019t make laughter, conversation, or a better life. People do.When I look back at my childhood, what floats to the surface are the little moments with my family, not the things we had or didnu2019t have.Grandmau2019s kind, wrinkled smile as she soothed my crying.How my fatheru2019s eyes crinkled in laughter the first time I won a game of chess.The feel of my momu2019s hands when she tucked the covers under my chin at night.My sisteru2019s bright laughter as we played tag in the park.I believe now that the purpose of life is to find people we connect with and to create moments together.The night before my mother died, as she lay on the hospital bed, she talked about the items she had saved for my older sister and me. What few items remained were of little monetary value that were difficult to sell or pawn.I could see in my motheru2019s eyes, how she agonized over leaving the world without riches. How much she regretted having so little to give us.Oh mother, how wrong you were!Thank you mom, for having the wisdom to put your investment in us, in our family.My coffers are teeming with the lovely memories you left me and the little moments we shared together. I am rich, for my heart is full.
What are the possible interview questions for RRB/PO and IBPS/PO during the year 2017?
Last year, I have faced both Ibps po and rrb po interview. I have cracked ibps po and ibps rrb po 2023. After that I give my interview 19 January 2023 of rrb po. Ibps po interview was 4 feb 2023. The fallowing are some questions which are asked in interview..IBPS RRB PO ..Firstly i wish all of them one to one with a smile and they said to have a seat. Now first interviewer asked meu2026Tell me about your self.Lucknow is in up east or up west?Districts. near about your district?Why you don't do private job?Why you have done b.tech?After completing b.tech, what you are doing still?Second person asked meu2026.Which crop are in your areaNow which crop are coming?Name of current crop of your area?Methods of agriculture and other related thing like way of SICHAI .River near your home town or district.Why rrb establishedWhat are works of rrb?.What docs are necessary for KCC.HOW former get profit from rrb?.Your family do agriculture work?What your family do?Third lady interviewer asked me someu2026.What is profit of bank to work like this.How much you know about bankWhy are giving answer in hurry , Be relaxed first. She give me 20 sec to take rest.Some other banking general questions.Fourth and fifth interviewer aksed.What is debit and credit card.When bank is nationalized and why?How much bank nationalized in first phase and second phase?.What happened before nationalization of banks?This was my rrb po interview. I miss 3 or 4 questions to give answer.But They give me.. sixty-seven marks.All the best for your interview.
What is a draft bill of lading?
A2A.What is a Draft BL?In simple, a draft *BL is a preliminary version (Rough outline) of an actual BL, Normally the BL is prepared at the Place of Origin that is from where the cargo is exported.It is prepared by the liner (Vessel) or the *FF. A typical draft BL contains the cargo details like type, dimension, weight, charges (as agreed), consignee and consignor name, *POO, *POL, Port of Discharge etc. It also includes the *LC details if there is one involved.Now to the use of Draft BL.The name itself says that it is just a rough document and it can be edited in any way the customer want. It is used as a sample to confirm the actual BL. Once the draft is made it will be sent to the customer for their confirmation.The seller checks the draft details and once he is satisfied with the draft, he confirms it and then the Actual BL is prepared.Once the actual BL is prepared it will carry a unique code which can be used anywhere in the world to track the cargo and its details.So from here (after preparing the actual BL) if any change has to be done itu2019ll charged to the customer it also includes spelling mistakes.Types of BL.Master BL and House BL:Master BL is prepared by Liner in behalf of the Ship owner.House BL is prepared by FFAbbreviations:*BL - Bill of Lading | *FF - Freight Forwarders | *POO - Port of Origin*POL - Port of Loading | *LC - Letter of Credit [1]Hope its helpful. Thanks for reading.Footnotes[1] A Quick Guide to Understanding Letters of Credit
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