Documents for Export Transaction
A. Documents related to goods:
1. Export Invoice:
It is a seller’s bill which contains information about goods like quantity, number of packages, marks on packing, name of the ship, port of destination, terms of delivery &, payments, etc.
2. Packing List:
A packing list is a statement of the number of cases or packs and the details of the goods contained in these packs.
3. Certificate of Origin:
This is a certificate that specifies the country in which the goods are being produced. This certificate enables the importer to claim tariff concessions or other exemptions.
4. Certificate of Inspection:
For ensuring quality, the government has made an inspection of certain goods compulsory by some authorised agency like the export Inspection council of India (EICI), etc. After inspecting the goods, the agency issues a certificate of inspection that the consignment has been inspected as required under the export (Quality Control & Inspection) Act, 1963.
B. Documents Related to Shipment:
1. Mate’s Receipt:
A mate receipt is a receipt issued by the commanding officer of the ship when the cargo is loaded on board and contains the information about the name of the vessel, berth, date of shipment, description of packages, condition of the cargo at the time of receipt on board the ship, etc.
2. Shipping Bill:
The shipping bill is the main document on the basis of which customs office grants permission for the export. It contains full details regarding the goods being exported name of the vessel, exporter s name & address, country of final destination, etc.
3. Bill of lading:
It is a document issued by the shipping company after the cargo is loaded on the ship. It is an acknowledgment of goods by the shipping company. It is a document that shows the title to the goods and is freely transferable by endorsement and delivery.
4. Airway Bill:
It is a document issued by the airline company acknowledging the receipt of goods for transshipment through air carriage.
5. Marine Insurance Policy:
It is a certificate of insurance contract whereby the insurance company agrees in consideration of premium to indemnify the insured against loss incurred by perils of the sea.
6. Cart Ticket:
It is also known as cart chit or gate pass. It is prepared by the exporter and contains details regarding export cargo like a number of packages, shipping bill number, port of destination, etc.
C. Document related to payment:
1. Letter of credit:
A letter of credit is a guarantee issued by the importer’s bank that it will honour up to a certain amount the payment of export bills to the bank of the exporter.
2. Bill of Exchange:
In export & import transaction, the exporter draws the bill on the importer asking him to pay a specified amount to a certain person or the bearer of the instrument. The documents required by the importer for claiming the title of exported goods are passed on to him only when the importer accepts this bill.
3. Bank Certificate of Payment:
It is a certificate that the necessary documents relating to the particular export consignment have been negotiated and payment has been received in accordance with the exchange control regulations.
Documents used in an Import Transaction
1. Trade enquiry
2. Proforma invoice
3. Import order or indent
4. Letter of credit
5. Shipment advice
6. Bill of lading
7. Airway Bill
8. Bill of entry
Bill of entry:
It is a form supplied by the customs office to the importer who filled it at the time of receiving the goods. It has to be in triplicate and is to be submitted to the customs office. It contains information such as name and address of the importer, name of the ship, number of packages, description of goods, quantity and value of goods, name, and address of the exporter, port of destinations, customs duty payable, etc.
