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previous page Requiring the submission of the appropriate goods declaration form and other documents to customs in due time for releasing purposes. |
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No goods can be removed from customs control unless with the permission from the proper officer of customs. Proper officer or customs means the officer of customs specially or specifically assigned to perform a specific or particular function. The appropriate documents and customs declaration form have to be properly completed and submitted to customs in due time as it effects the release of goods. Goods would be subjected to physical and documentary examination, as and when deemed necessary to determine the accuracy of the goods declared in respect of the description, quantity, |
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| tariff classification, valuation and the like. The objective is also to determine the amount of customs duties payable to stop frauds, to avert loss of revenue and to prevent evasion of prohibition or restriction controls. Payment of customs duties where applicable to obtaining customs release so that goods can finally be cleared from customs control for the next procedure and. To impose penalty for making incorrect declaration, falsifying documents, giving false information and various smuggling offences. |
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A confirmed, irrevocable letter of credit, means that the exporter's bank undertakes to pay the importer, should the foreign bank fail to do so. The exporter's bank may be reluctant to confirm a letter of credit if it has any doubt as to the trustworthiness of the foreign bank or the possibility that foreign exchange controls may prevent the conversion of the importer's currency into the desired foreign currency. In such a case, it may refuse confirmation unless the full amount of the funds is transferred to it right away from the foreign bank. Whatever the case, the exporter's bank will charge for such a service. By stipulation that the foreign importer arranges for a confirmed irrevocable letter of credit, the exporter knows that if he ships the goods as agreed, he will have the foreign bank's assurance of payment as well as the assurance of his own bank. To learn the Secrets of International Trade - Click Here |
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