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Custom Shipping and Insurance
December 2023 Examination
Q1. You are appearing for a written test as a part of the selection process for the post of Export Import Manager in an international organization. You need to answer the following question based on the Customs Act 1962:
Question: List 5 points under the title “Confiscation of improperly imported goods” (10 Marks)
Ans 1.
Introduction
The Customs Act of 1962 stands as a seminal piece of legislation in India, governing all matters related to customs and providing a framework for regulating imports, exports, and duties. Established with the dual purpose of facilitating legitimate trade and curbing illegal imports and exports, the Act plays a pivotal role in India’s international trade regime. A fundamental tenet of the Act is the authority vested in it to address the issue of improperly imported goods. Such authority ensures that imported
Q2. You are heading EXIM dept in an organization. In one of the Management meeting Finance Director requests you to explain the various types of bills of entry for his academic interest. Give a write up on all bills of entry that are in use. (10 Marks)
Ans 2.
Introduction
In the realm of international trade, the documentation is the vital thread that stitches together all stakeholders, from regulators to businesses. Among these, the “Bill of Entry” stands as a pivotal document, acting as a declaration regarding the goods imported into a country. Presented at the customs clearance, this document becomes the foundational basis on which the customs duty is calculated and subsequently levied. Moreover, its different types cater to diverse scenarios, ensuring the smooth operation of EXIM activities. Understanding these variants becomes crucial not only for the effective management of import procedures but also to ensure compliance and fiscal discipline. To provide an in-depth understanding, this discussion will delve into the various
Q3. You are attending a webinar on Customs clearance of export goods. The webinar conductor asks you the following questions
a) What is shipping bill and where it is used? (5 Marks)
Ans 3a.
Introduction
The realm of international trade is guided by a suite of documents that ensure the smooth and compliant movement of goods across borders. Among these, the “Shipping Bill” stands out as a cornerstone document for exports. As we delve into the nuances of customs clearance of export goods, understanding the role, significance, and application of the shipping bill becomes
b) How many types of shipping bills are in use and explain them (5 Marks)
Ans 3b.
Introduction
Shipping bills, pivotal in the export ecosystem, aren’t just monolithic documents. There are different types, each designed for a particular category of exports or circumstances. Their variety ensures that the specifics of an export consignment align with the regulatory and fiscal expectations of the customs department. To understand the anatomy of the export process fully,
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