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An On-Board Bill of Lading is a document issued by a carrier confirming that goods have been loaded onto the vessel. It provides proof of shipment, indicating that the goods are on board and the carrier has accepted responsibility. This document is crucial for the transfer of ownership and payment processes in trade, ensuring the seller’s fulfillment of delivery obligations.
Outward remittance is the process of transferring funds abroad from home country. This includes payments for imports, investments abroad, and personal transfers. Outward remittances are regulated by foreign exchange laws and are processed through banks and authorized dealers to ensure compliance with international and domestic regulations.
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Overdue Interest is the additional interest charged on loan payments or debts that are not paid by the due date. This penalty compensates the lender for the delay in receiving payment and serves as an incentive for borrowers to make timely payments. The rate and calculation method for overdue interest
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A packing list is mandated by Foreign Trade Policy - Section 2.06 (a), under which a detailed document is to be provided by the shipper that itemizes the contents of a shipment. It includes information such as the description of items, quantities, weights, dimensions, and packaging details. The packing
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Payment terms DA (Documents Against Acceptance) and DP (Documents Against Payment) are methods used in international trade. DA allows the importer to receive shipping documents and goods upon accepting a time draft, agreeing to pay later. DP requires the importer to pay the invoice amount to obtain the shipping documents
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Periodic settlement refers to the regular reconciliation and payment of outstanding balances between trading partners. Instead of settling each transaction individually, parties agree to a fixed period (e.g., monthly or quarterly) to review and settle all transactions within that period. This approach streamlines financial management and reduces administrative burden.
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Pre-shipment credit is a short-term loan provided to exporters to finance the procurement, processing, and packing of goods before shipment. This type of credit helps exporters prepare goods for export without facing cash flow issues. It is typically granted against export orders or letters of credit and is repaid once
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