A bill of lading (sometimes abbreviated as B/L or BoL) is a document issued by a carrier which details a shipment of merchandise and gives title of that shipment to a specified party. Bills of lading are one of three important documents used in international tradeto help guarantee that exporters receive payment and importers receive merchandise. A straight bill of lading is used when payment has been made in advance of shipment and requires a carrier to deliver the merchandise to the appropriate party. An order bill of lading is used when shipping merchandise prior to payment, requiring a carrier to deliver the merchandise to the importer, and at the endorsement of the exporter the carrier may transfer title to the importer. Endorsed order bills of lading can be traded as a security or serve as collateral against debt obligations.
Bill of entry :-
An account of goods entered at a customs house, of imports and exports, detailing the merchant, quantity of goods, their type, and place of origin or destination. It is issued by the customs presenting the total assigned value and the corresponding duty charged on the cargo.
Central Excise Duty is levied on manufacture or production of goods in India. The collection of excise duty is done by Central Board of Excise and Customs. In 2016 Union budget of India, an excise of duty of 1% without input tax credit and 12.5% with input tax credit has been imposed on articles of jewellery with the exception of silver jewellery. The government had earlier proposed an excise duty in the Budget 2011-12, which had to be rolled back after massive protests by jewellers.
A tariff is a tax on imports or exports (an international trade tariff). In other languages and very occasionally in English, “tariff” or its equivalent may also be used to describe any list of prices (electrical tariff, etc.)
Fob = FOB (Free On Board) is a term in international commercial law specifying at what point the seller transfers ownership of the goods to the buyer. Under the Incoterms 2010 standard published by the International Chamber of Commerce, FOB is only used in non-containerized sea freight, and also defines ownership transfer. The owner of the goods is responsible for damage or loss during transport, so the point of ownership transfer is important.
DGFT provides a complete search-able database of all exporters and importers of India. The search can be completed only if full IEC code and first three letters of company name are entered.
The Directorate General of foreign Trade (DGFT) is the agency of the Ministry of Commerce and Industry of the Government of India, responsible for execution of the import and export Policies of India. It was earlier known as Chief Controller of Imports & Exports (CCI&E) till 1991. DGFT plays a very important role in the development of trading relations with various other nations and thus help in improving not only the economic growth but also provides a certain impetus needed in the trade industry. For promoting exports and imports DGFT establish its regional offices across the country.
Directorate General of Foreign Trade is an attached office of the Department of Commerce, Ministry of Commerce and Industry. It’s headquartered in Udyog Bhavan, New Delhi. Under its jurisdiction, there are four Zonal Offices at Delhi, Mumbai, Kolkata and Chennai headed by Zonal Joint Director General of Foreign Trade. There are 35 Regional Authorities all over the country.
Functions and responsibilities of DGFT:
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