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- CommentAuthorrony4icab
- CommentTimeSep 5th 2007
What will be the Journal entry of freight received from Export/Import and expenses done when the agent of a shipping company is making the entry?Thankful People: murali.mangad -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
The documentary credits one of the important tools used in the financing of foreign trade import and export, and where it was being made through banks, it gives them the security and stability because of the confidence the importer and exporter mediated banks in the implementation of this documentary credits. Source knows that he will receive the value of the goods exported once implemented with the conditions contained in the documentary credit and that the importer knew that the bank will rely Fatih paid value of the goods only after ascertaining the implementation of the agreed terms contained in the documentary credit.
2 definition of a documentary credit:
The Article No. (2) of assets and norms of international standard documentary credits Bulletin No. 500 that the book is a documentary credit from the World Bank pledged by Fatih accreditation at the request of one of its clients importers (buyer) undertakes the bank pays the amount or delegate another bank or accept payment drawdowns for the benefit of the beneficiary is the source for receipt of documents conform to the agreed terms contained in the provision.
3-parties documentary credit:
A student open-reliance: the customer is the importer who applied for the bank, which deals with the request to open documentary credit for the source and determine the conditions under which students want and required documents so as not to conflict with the interests of bank conditions and applicable laws in the state it the violation of international norms and master's consolidated documentary credits .
Usually preceded by the opening of credit correspondence and negotiations between importer and exporter, and agreed to the terms of their deal, which is guided by the World when special conditions in the documentary credit.
The importer can identify the source in several ways, including:
• international exhibitions for the sale of commodity-related merchandise and source.
• specialized magazines this product.
• commercial attaché at the embassy of the State of origin.
• Source personal visit to the importing country, advertising in newspapers and on the source and location of access and quality in the importing country. -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
• importer personal visit to the source country and the search for the desired product and the source there.
We must be alert to all the conventions and correspondence between importer and exporter is separate from the documentary credit and Auallagh Bank Fatih reliance these conventions.
2-Fatih Bank (source) of credit: bank, which is dealing with the importer, which undertakes to pay the value of the beneficiary documents for accreditation in accordance with the terms of credit, and will be made to pay the beneficiary usually through the bank source.
3-Bank of the amount of credit: bank, which is based notify documentary credit to the source, at the request of Bank of Credit and Fatih without any responsibility or association by him. The bank reported non-binding provision that the purchase documents will be submitted to him by the recipient even if they conform to the terms agreed in reliance, but usually the amount for the purchase of the bank documents if they conform to the terms of credit.
4-World enhanced adoption: the bank, which adds a pledge payment to the beneficiary if the beneficiary documents required in the provision was identical to the terms of credit. World Fatih reliance, which is pledged to pay the principal beneficiary of the World reporter asked addition to the enhanced credit and there are arrangements between banks regarding prior appropriations enhanced. And it is the duty of bank credit enhanced scrutiny of documents submitted to it is well worth paying the beneficiary if they conform to the terms of credit.
5-beneficiary: Which party is open documentary credit for the good and who is eligible to receive the credit value if implemented, the agreed terms and the documents required in accreditation. The payment is usually the beneficiary (source) through the World Bank or the amount for enhanced adoption (in the case of promoting self).
6-World negotiator buyer or to buy: for the recipient usually produce documents matching the terms of the amount of credit to the bank credit, which in turn buys these credits and pay value to the beneficiary and then called the bank buyer.
Sometimes conditions allow credit to the beneficiary to submit documents to the bank other than the bank, which has requiring appropriation, and another called the World Bank or the buyer negotiator who is also obliged to abide by the terms of credit.
7-tiled Bank: bank, which is the payment of the value of accreditation documents to the World Bank on behalf of the buyer approached any provision that play coverage of the value of accreditation documents to the paying bank at the request of the World Bank and Fatih reliance buyer. The preferred choice of bank tiled easily dealt with, especially in the case of queries or problems in the process of payment of the value of documents relating to drawing.
4-required documents in a documentary credit:
The general appropriations requested documents in the class of goods and the means of shipping and shipping location and location of access. Article No. (4) of assets and norms of international standard documentary credits Bulletin No. 500 that all parties concerned environment dependence deal documents and Attahaml goods or services may relate to those documents.
The following explanation of the documents required in the documentary credits: -
1-commercial invoice:-billing is one of the important documents in all Halti requests and documentary credits issued by the beneficiary in the provision shows the value of the goods and sending quantity and specifications of the goods.
And usually required ratification by billing commercial consulate source country, and failure to ratify bills from one of the importer presents consulates to pay a fine deducted from the value of the documents upon arrival. -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
2-certificate of origin:-requests a certificate of origin in all appropriations and issued by the Chamber of Commerce in the recipient country and the purpose of this certificate is to locate production or manufacture of goods imported and this certificate must ratify the same certification contained in the commercial invoice. It is noteworthy that the imported goods from various places subject to Customs different ratios.
3-bill of lading:-requests in the bill of lading and credits all depends on the type of policy means freight In the case of air cargo shipped by air malicious requests in the case of the shipping bill of lading requests freely Thus ...
The bill of lading one Alemtendat important appropriations They represent the receipt and transfer of the ownership of the document. The policy issued by the shipping company after receipt of goods to be shipped and inspect packages from abroad to make sure that the packing, usually requests banks clean bill of lading to indicate that the carrier has received the goods on sound wards in the boat and it can unload Albadeh shipped only at the port of arrival.
The policy contains the port of loading and location of access and freight and how to pay. It requests the World Fatih appropriation bill of lading issued because the command is given that the policy document has only ship delivers the goods Alcmahouna the aim of the original bill of lading and that the goods are considered as a guarantee for the payment of the value of the documents, the bank can rely Fatih control of the goods and Leger bill of lading to the client only after payment the credit value.
4-weight certificate:-requests this certificate credits that depend on the cargo weight, such as sugar, rice, tea, etc., usually issued for the recipient could also be issued by institutions specializing in weight. The buyer must accept the certificate issued for the same beneficiary because it usually corresponds to the weight mentioned testified weight with the weight contained in the text of the bill of lading issued by the carrier.
5-packing statement:-This statement usually required when the goods are not homogeneous to know the contents of each package. For example, when importing household tools, clothes and shoes in the same shipment of packages given serial numbers and little figures in a statement packing parcels and their contents, for example, know that No. 1-20 parcels containing clothes, it facilitates the governmental authorities to know the contents of parcels and the imposition of customs duty without proper the need to open all the packages. , Issued this statement usually only if the beneficiary stipulated reliance otherwise.
- Statement specifications: - If the goods are dependent on size and scales such as wood, iron, etc. usually asked to indicate specifications of the documents shows sizes and line goods in terms of latitude and longitude and Thickness and any other specifications and issued this statement usually beneficiary.
7-inspection certificate:-issued certificate of inspection for companies specialized field sampling and inspection where these companies to inspect goods and tested before shipment directly may not be the source sampling in stores where goods could change after the preview, and are usually preview select a random sample of the goods The shipment will provide a preview certificate source preview certificate indicating the condition of the goods which have been examined and their specifications. This is the company's essential, especially in the absence of Althfah between importer and exporter since the presence certificate gives the buyer confidence that the cargo match required in the provision of goods in terms of quality and specifications of this addition to reassure the buyer on the status of the goods prior to shipment directly.
The alternative solution for inspection certificate is that the buyer sends a staff member to inspect the cargo at the port of origin before shipment directly This process may be costly to the buyer.
8-health certificate:-requests this certificate appropriations for the import of foodstuffs Kamuallpat, milk and meat derivatives or to ascertain the validity of human consumption or animal. Issued by the Ministry of Health in the country of origin is worth noting that a food inspection and meat imported from abroad by health authorities in the country of the buyer to ascertain the suitability for human consumption or animal posed by the actual market.
Requests and other documents in appropriations as needed, such as a certificate of analysis and fumigation certificate, a certificate of agricultural and other ... -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
5-types documentary credits:
1-reliance negotiable revoked / inalienable revoked: -
States must rely explicitly that is rebuttable or incurable In the absence of a male-reliance is rebuttable.
Under the provision inalienable right of veto, it called for the opening of credit and bank credit Fatih abolished or amended without notice provided that it was prior to the submission of documents by the beneficiary bank's correspondent. In this case, the source has borne great loss, especially if it has been making the goods in accordance with the specifications on the taste imported. There is great difficulty in disposal of such goods in the market. Therefore, this type of credits to be unacceptable to exporters, as there is no guarantee of receipt of the prices of their wares, which will be exported at the request Almstordiin.
2-reliance enhanced /-enhanced: -
Relying intended to ensure enhanced addition to the World Bank reporter Fatih appropriation to pay for accreditation if the documents were compatible with the requirements contained in the provision. Thus, the beneficiary receives a commitment from two different namely the World Bank and Fatih reliance reporter to pay for accreditation documents in the case of compliance with the requirements of the accreditation. And usually takes World reporter several factors into account before adding enhanced reliance Among these factors: -
NAP credit value.
NAP Moktenh Fatih bank credit.
NAP know the World reporter Palmstvid
NAP political and economic conditions in the country of bank credit Fatih
NAP agreements signed between the World Bank and Fatih reliance reporter.
We must explicitly state whether the enhanced credit and apart from that is not enhanced.
3-reliance of indivisible / inalienable, indivisible: -
Under the provision of indivisible, it allowed the shipment of goods to rely on more than one shipment. This could be the beneficiary that shipped goods to rely on one shipment or more. A student identification number to open the credit shipments and whether or not equal could also determine the date of shipment and if not sending any shipment within the time limit Vibtal effect dependence of the cargo shipments and the remaining appropriation.
Usually allowed partial shipment unless stipulated otherwise rely on.
There are several benefits to the adoption of indivisible, including:
Allow beneficiaries shipment as potential According to the vacant space in the ship or plane when shipping goods
There is no need for both the beneficiary and the importer of the goods stored for a long period.
Help importer in the payment of the value of the cargo and therefore provides only part of the money for the shipment or shipments following as he could sell the goods first shipment and use of proceeds in payment FimH shipment or shipments following
Self-spinner: -
Reliance, which is renewed automatically the same value and the same term for several sessions within a period of accreditation. If one wishes Almstordiin imported goods worth million dollars over ten months here is not his best interest to open the adoption of a $ 1 million insurance reserve and large cash has been agreed with the recipient to open adoption turnstile at one hundred thousand dollars per month and renewed for a period of ten months, and this is in the interest of both the exporter and importer.
Source can sell goods aphid no need for storage has for a long time either importers It could pay for each shipment received thus provides storage costs of goods and guarantee the continuation of import prices agreed with the source advance. The importer can stop the importation of changed circumstances surrounding it.
And usually resort to open factories rely spinner due to the periodic need for raw materials for the continued operation and reassuring the shipment of such materials and consequently received in a timely manner prior to the commencement of production environment.
5-adoption installment provided: -
Reliance is one which provides conditions for the payment of a certain percentage of the value of the payment by the beneficiary prior to the submission of documents of the bank so that the beneficiary of manufacturing goods required in documentary credit. We must ensure the beneficiary is the importer (buyer) whereby the bank guarantor undertakes to re-value payment made if the beneficiary has been unable to ship the goods agreed in the credit or was unable to provide documentation of credit in accordance with the requirements of accreditation.
Called adoption advance relying condition is usually where the Red when opening appropriation mentioned to write a batch submitted red to differentiate it from the rest of the terms of credit. -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
6-reliance strongly Open adoption: -
Is the adoption of a hole is made after the arrival of Ward called for the opening of credit
And that's when opening credit issued provision so strongly agree
Terms of credit issued with accreditation requirements contained in the specifications of goods.
For example, Warrad Jordanian merchant has relations with distinct trader SILANI so merchants can import Jordanian rule of Ceylon tea at competitive prices and on the assumption that a Lebanese merchant wishes to import tea rule out SILANI he could open adoption for the benefit of the Jordanian merchant called this provision drawing from the viewpoint of the Jordanian merchants, which in turn another provision opens to import tea from Ceylon article.
It must take into account Altalietin points at the opening of credit issued on the importation of goods to be exported in the provision of: -
A-credit value to be less than the value of the provision represents a difference of the amount of profit beneficiaries in the provision here that the beneficiary must submit invoices to private. To illustrate this in our example assume that the former Lebanese merchants want to import 100 boxes of tea at a price of $ 100 for each fund it opens dependent value of $ 10000 for the benefit of a beneficiary trader Jordanian This is a provision of credit for the Jordanian merchant who in turn opens provision for merchant Alsellani worth $ 7500 , which represents 100 import Fund at 75 dollars to the Fund. The difference of $ 2500 the amount of profit Jordanian merchants this deal and the Jordanian merchant to submit invoices on this deal.
B-to be the due date of credit issued by the due date provision contained sufficiently in advance so that the beneficiaries in the provision of receipt of documentation of credit issued and rearrangement of the addendum by commensurate with the required documents contained in the provision. In our example assume that the previous due date for the provision of dealer Jordanian Lebanese merchants is 31 \ 12 \ 99 while the due date for accreditation issued by the Jordanian dealer for the dealer Alsellani is 30 \ 11 \ 99 to ensure receipt of documents Jordanian merchant credit issued to the dealer and Alsellani Limon has sufficient time is a month in our example of the arrangement and issuance of necessary documents for the adoption.
7-reliance deferred payment: -
Payments are valuable documents conforming to the provision of credit conditions agreed upon Talaa normally. But in some cases, the beneficiary may agree with the importer to pay the value of accreditation documents in the history postponed after filing This is the beneficiary of a convenience to the buyer on the payment process in future, and this agreement prior to the opening of credit and are mentioned explicitly in terms of credit. When received documents be attached to withdraw or drawdowns time deserve dates later, and then received the -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
documents before it must accept these imported lots of time and the World Bank to ensure payment of the maturity dates of this called these lots award accepted any guaranteed lots accepted by the client and ensure the importer paid the bank when due .
The commercial banks rely deferred payment high risk, so not to open this type of credits for any customer but must take into account the client's reputation and financial position and the extent to fulfill its commitments and guarantees provided by the opening of this dependence.
It is noteworthy that the World reporter may request reconsideration withdrawal timetable acceptable to the lender at the request of the recipient where the recipient can be requested Bench deduction of the withdrawal or give any other facilities for the withdrawal that acquires strength from the World Fatih ensure reliable payment on maturity.
8-reliance is convertible / non-transferable: -
We must explicitly state whether accreditation is subject to conversion except that the provision is non-transferable.
Reliance under-transferable to the beneficiary is entitled to rely convert other beneficiary under the same conditions contained in the appropriation, and this could be the beneficiary retain the original importer of customer transactions could also be coming to the beneficiary is the original beneficiary of the second commission for transforming deal, and in addition, the original beneficiary can complete orders other urgent and more profitable, especially if he has many orders the same short period, which was opened by the credit. As for the importer, it would not be affected by the transfer of credit to other beneficiary where agreed that the goods will be relying on time delivery the same specifications agreed upon at the price agreed in accreditation.
6-action opening documentary credits issued:
Before opening documentary credits usually contacts between the buyer (importer) and the seller (exporter) and the result of these contacts tentative agreement stating the quality and price of goods and freight and how to date and the buyer receives a copy of this agreement in principle came to the bank to open documentary made after it has happened a license for importing goods documentary credit is taking the following steps to complete the opening of documentary credit: -
1) makes a request to the importer Bench to open documentary credit by mobilizing special form prepared for this purpose usually is determined conditions for the opening of credit to be compatible with international norms and rules for documentary credits are determining the value of accreditation and required documents and the date of shipment and the date of expiration of credit and so on. It also imported the signing of the general conditions for opening documentary credits and bank credit delegate expenses and payments for relying on the bank account.
2) The bank study asked open documentary credit to make sure it meets all the conditions and the required data and approval of the regulations established international norms and for documentary credits. The bank then downloading information requested opening rely on the book documentary credit approved by the bank and be signed by the Commissioners from the bank and is sent to the correspondent bank in the country of origin after ascertaining that a balance sufficient insurance covers cash and commission and other expenses account customer importer -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
3) are deductible insurance cash and postal expenses and commission for accreditation a documentary account of the importer customer, it should be noted that insurance rates and monetary commission may vary from customer to another according to the financial position and the experience of the bank with this customer and type of the imported goods and the means of lading, and determine these ratios usually when giving Customer facilities in documentary credits.
4) information is recorded on the basis of documentary in a special register called Register documentary credits, which contains important data on the basis of documentary and No. documentary credit and the amount of local and foreign currency and the name of the customer Fatih accreditation and name of the beneficiary and the date of the opening of credit and other ...
5) After receipt of the letter of credit bank reporter, it is so notify the beneficiary and which, in turn, is considering this provision to ensure that agreed with the conditions agreed upon with the importer and the possibility of preparing documentation required drawing. After that the beneficiary processed goods and obtaining documents required drawing are handed to the reporter or the World Bank, which sent the buyer's turn to the World Fatih accreditation.
6) upon receipt of the World Fatih accreditation documents, it shall notify the well to ascertain the conditions of approval with the provision of modern, and it is not obsolete and all related Baiaatmad. Also, be sure to match the content of the documents with each other and the absence of contradictory in terms of description, quantities and shipping CD/1407 and the like.
It is noteworthy that the resolution Etczkh bank to pay the value of documents or non-payment of value is important to both the bank and the exporter and importer; World expose himself to the loss in the case of payment of the value of documents with non-compliance of the conditions of accreditation Open because the importer could refuse to pay the credit documents in the case non-compliance with the existing building conditions and agreed in advance.
Article 13, paragraph b of the assets and international norms consolidated appropriations Bulletin No. 500 that have each source of credit from the bank or the bank strengthened (if any) a reasonable time not to exceed seven business days following the day of receipt of bank documents to be examined and a decision on acceptance or rejection The communication of the documents which recognizes them of his decision
- Amendment documentary credits
The amendment is subject documentary credits inalienable veto of the consent of both the importer and exporter and importer wishes when amending documentary credit, it is a request in this regard to the Bank of Credit and Fatih, which in turn inform the bank's correspondent amendment, which in turn is a source of the amendment is worth noting that the beneficiary may reject the amendment in this case imported remain committed to the original terms of adoption.
It is understood that the agreement is usually between importer and exporter to amend the documentary credit before making imported Bank Fatih appropriation request for the amendment.
Common examples to amend the documentary credit: -
O reduction or increase the value of accreditation.
O extension of the validity of a documentary credit.
O extension of the validity of freight.
The accounting treatment of documentary credits issued
Are the accounting treatment of credits issued she approached the bank credit as follows:
1) The opening of documentary credit:-registration under systems at the opening of documentary credit Basseraltadl Day opening foreign currency credit issued prices equalizer for foreign currencies from the Central Bank from time to time, these prices vary normally purchase and sale prices of those currencies and issued daily by the Central Bank.
Prices are approximate parity prices whereby know the value of documentary credits to the bank, which is still open to any date wishes of the World, especially when preparing lists show where Almalleh accounts outside the regular budget accounts under regular payments.
Enrollment for the formal opening of documentary credit issued as follows: -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
Xx of h / pledges clients versus documentary credits
Xx to h / World pledges for documentary credits
2) the seizure of Insurance and deduct commission and postage:-at the opening of documentary credit, in addition to the formal registration of the former restriction, it is also reserved insurance and deduct commission and mail from the client's account to open the credit register student enrollment follows:
Xx of h / current accounts creditor or debtor (customer called to open the credit)
The listed
Xx h / Insurance documentary credits
Xx h / commission documentary credits
Xx h / mail or telex
The seizure of insurance and registration price selling of foreign currency on opening for accreditation and agreed between the bank and its clients, are also deductible commission documentary credits as a percentage usually agreed upon value of documentary credit represented at the formal entry, in addition to that, the bank deducted from the client's account or the cost of postage telex for sending documentary credit.
3) receipt of the World Fatih accreditation documents dependence: when the bank receives accreditation documents Fatih dependence identical to the agreed terms and discrimination based Assuming that the accreditation to be found following entries are registered with the Bank Fatih reliance:
The listed
Xx h / Insurance documentary credits (sale price on the opening reliance)
Xx h / Gary owes documentary (sale price on the receipt)
Xx to h / World Bank reporter or tiled
With this restriction, it is closing the expense Insurance documentary credits and registration required value of the customer at the expense of Gary owes documentary sale price on the receipt of the World Fatih accreditation documents for accreditation are transforming the required total value of the customer (and represented the value of documentary credit in addition to fees and commissions World reporter) to the World reporter directly in the absence of inter-bank accounts Fatih reliance and the World reporter or Ptosit tiled bank account in the absence of inter-bank accounts Fatih reliance and the World tiled.
4) delivery of bank credit Fatih documents dependence of the customer:
A state-accreditation to be found:-Most banks give to their clients in the documentary credits available to the so-called grace period equivalent of three to five days, often after recording current account debtor documentary without calculating interest on the customer, where can during this period to come Customer Bank and inspecting documents and delegate World enrollment at its expense in the case of identical documents to the agreed terms and this situation is a restriction follows:
Xx of h / current accounts creditor or debtor (customer called to open the credit)
Xx to h / Gary owes documentary
And sometimes when you reach the documents before the goods arrive relatively long period, the client, after scrutiny of the documents may be asked to postpone enrollment at its expense of the bank until the arrival of the ship carrying the goods to the port with access to the documents in accordance with the requirements of accreditation, and accept the bank usually defer enrollment at the expense of the client until the vessel's arrival The goods, but this situation, the bank Fatih dependence calculated interest on the period between the receipt of documents from the World reporter and the arrival of the goods and therefore the customer at the time of delivery documents are reliable recording the following entries:
Xx of h / current accounts creditor or debtor (customer called to open the credit) -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
The listed
Xx h / Gary owes documentary
Xx h / benefit credits
Enrollment is also abolish formal private relying documentary recording the following entries:
Xx of h / World pledges for documentary credits
Alih xx / pledges clients versus documentary credits
B-deferred accreditation status: - is not this situation registration documentary credit balance at the expense of Gary owes documentary Upon arrival documents conform to the agreed terms and because of that reliance deferred payment Bualtali it is the customer's delivery of documents signed after the withdrawal or drawdowns be accompanied with documents and guaranteed Therefore, the bank usually called drawdowns are acceptable guaranteed bank credit Fatih Bdfatra following constraints:
1-formal cancellation of enrollment based on the documentary
Xx of h / World pledges for documentary credits
Xx to h / pledges clients versus documentary credits
2-D systems registration under guaranteed accepted by the customer when signing
Xx of h / drawdowns acceptable guaranteed
Xx to h / Mogere drawdowns acceptable guaranteed
3-deductible commission, stamps and other expenses from the client's account
Xx of h / current accounts creditor or debtor (customer called to open the credit)
The listed
Xx h / commission drawdowns acceptable guaranteed
Xx h / stamps imports
Xx h / e
4-conversion Insurance documentary credits for calculating drawdowns acceptable guaranteed recording the following entries:
Xx of h / Insurance documentary credits
Xx to h / Insurance drawdowns acceptable guaranteed
5-payment of the value of the customer accepted guaranteed lots of Merit
Registration restrictions following records at the bank to pay the value of customer withdrawals accepted guaranteed maturity.
1.5) will be deducted due on the difference between the value of customer value lots and lots Insurance accepted guaranteed calculated the difference at selling foreign currency on the accrual addition to deduct commission payment and remittance and postal expenses as follows:
The listed
Xx h / Insurance drawdowns acceptable guaranteed
Xx h / current accounts creditor or debtor (customer called to open the credit)
The listed
Xx h / World reporter or tiled
Xx h / commission drawdowns acceptable guaranteed
Xx h / e
2.5) cancel enrollment formal private eligible accepted guaranteed as follows:
Xx of h / Mogere drawdowns acceptable guaranteed
Xx to h / drawdowns acceptable guaranteed
It is worth noting that the client handover lots accepted after payment of guaranteed value of the bank reporter directly. In the case of several drawdowns acceptable guaranteed deserve successive dates it is transforming the value of each of these lots accepted guaranteed maturity after deducted from the client's account be maintained Insurance lots accepted guaranteed until the due date of the last withdrawal are due to deduct the difference between the value of customer value of the retirement last Insurance is accepted and lots addition to the guaranteed value of commission payment and postage expenses.
To access the goods prior to the arrival of documents and forcing the bank to allow the customer clearance of the goods through the issuance of authorized release customs and thus received documents and the violation is issued on behalf of the customer invoices there are several conditions for the issuance of authorized release of the client in mind the following:
First: to make sure that reliance is not a mention of the name of the customer
Second: to take into account the possible lack of customer invoices on behalf of the same beneficiary
Third: sensitive to the need to rely on little notice from the bank before the beneficiary details of the bill of lading and invoice confirming the name of the bank
Fourth: in the absence of notice from the beneficiary and at the request of the customer provides for the issuance of authorized the release be sent to the beneficiary telex asking him to inform the bank details of the invoice amount and the name of the bank where they are not authorized to issue the release only after a response from the recipient confirms that the invoices issued on behalf of the bank unless the consequent failure to issue permission to release damage uncertain
Note: There are no cases of delay can not wait for the customer to wait until receipt of the fax or telex response to a reporter telex Bank, particularly if progress students on Wednesday or Thursday, where we have a holiday on Friday, while Saturday and Sunday holiday to the foreign country and this is delaying the process of customer receipt of the goods and that this origin the invoices for the bank came If behalf of the customer, this exemption and the exemption is not measured by -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
Import procedure
- O company registration
The all economic installations either individual or corporate registration with the Ministry of Economy and Trade and under the law, where to classify companies:
O public shareholding company
O shareholding company private limited
O ordinary company
O
Company limited regular-simple recommendation
Card dealing in foreign trade
After obtaining the registration of the company with the Ministry of Economy submit applications for merchant card handling foreign trade facility:
O licensed practitioner (proof of registration with the Tax Service)
O certificate of registration with the Chamber of Commerce
O personal identity
O
Personal photos
The import license
Materials
O-oil and its derivatives Petroleum Corporation and minerals
O tobacco and cigarettes -
O pesticides and paint-Ministry of the Environment
O vehicles and related spare parts - and the Ministry of Transport and Communications
O devices related to communications - The Ministry of Post and Telecommunications
O
Agricultural products and foodstuffs-the Ministry of Agriculture and Ministry of Health
A request for the import license information on:
O country of origin
O quantity and value of goods
O No. tariff
O detailed description of the product, including technical specifications
O
Requests sometimes Proforma invoice
After issued by the Ministry of Economy and Trade in most cases the import license, which shall be for a specific period and refers to the quantity of imported goods, and the license granted to one specific type of goods. It also differs validity period of the license granted in accordance with the commodity and allow the import license of the importer could total quantity imported in partial shipments. The imported before the import request for approval of the Ministry of Economy and Trade facility following documents:
O mobilize import request, contains a detailed list of products to be imported must attach the following documents request import:-company registration certificate, which intends to import (in the event that the company imported)
- Certificate from the Chamber of Commerce
- Certificate from the Ministry of Finance-Customs Service found that all the tax implications of the work the company paid
Catalogs-on products
O preliminary approval to sample the product, where the importer must take a sample of the product for the institution specifications and standards. Marking a copy of the commercial, to be compliant with the requirements of marking the "product name, contents, date of production and expiry date, conservation materials, the name and address of the product, name and address of the importer in Arabic, the volume product."
O certificate of health inspection certificate, provided by the source, if necessary. -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
O written undertaking by the importer to pay fees and expenses of the inspection and the obligation not to use the goods after their arrival to the receipt of written approval from the Ministry of Health in the case of products that have a relationship with the Ministry of Health.
O details of the products which require special conservation method.
O
Included in the request approved import license number, which allows importation.
Approval of specifications and standards
Preliminary approval granted prior to the import and shall be valid for a period ranging from one to four years for the same product set. Prevent such approval likely delay and unnecessary expenditure to the clearance of goods at the port of arrival.
Requirements for obtaining the approval of the initial specifications:
Requirements vary depending on the product but the product model is mandatory requirement, in addition to the following requirements, which vary according to the type of product:
O product catalog
O instructions for use
O GUIDE
O
Product description
After the arrival of the shipment of products are checked to make sure the commitment preliminary approval requirements.
Approval of the type
Where can not marketable goods prior approval of the type, and the importer must provide to ensure the signing of banking and pledged not to distribute products until obtaining approval of the type. The requirements for approval of the type:
O comprehensive description of the product
O catalog of the product
O
A comprehensive list of the contents of the product
Certificate of Origin
A certificate issued by the Chamber of Commerce in the country of origin showing the manufacture or production of goods for export, and the percentage of local inputs (value-added). Therefore it is a document essential to identify the nationality of the goods in order to assess the rates charges will be met or preferential transactions, which will have. And used in the control of the province to prevent the leakage of goods economically or prohibited. : Certificate of origin and contains the following information
The name of the source, the source address, product name, the title of the product, the importer's name, address importer, Center for export, import status, date of shipment, and a means of transport. It also shows the type of certificate of origin of goods exported, the number of parcels, and quantity, trademarks, and the net weight is based, and the value of the goods. The number, date commercial invoice, and the percentage of local inputs of the total cost of production. Customs duties. As is the case with imported goods from:
O European Common Market countries including Turkey
O USA
O Canada
O
The Hashemite Kingdom of Jordan (lists a and b) and the Arab Republic of Egypt - where it must be ensured that the goods imported within the lists included in the economic agreements between these countries
Bill of lading
Bill of lading containing the following information:
O name of the ship / carrier
O name of the beneficiary bank / letter of credit
O general description of the goods
O phrases refer to carry containers full or carrying less than container
O -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
Expressions of freight collect or prepaid taxi transfer
Commercial invoice
Containing commercial invoice, which must be printed on the following:
O name source
O date and payment terms
O unit price
O total price
O quantities and weight of the goods
O shipping line through
O insurance and packing
O
No. dealing in foreign trade
Packing list
The packing list contains:
O gross weight of the load
O net weight
O invoice number
O importer's name
O
The type of products and specifications
Commercial signs and markings
Russian language
O product name and trademark of the product
O type of product
O name and address of the importer
O location production, the name and address of the product
O completion date of production and
O contents of the product and its compounds
O any materials or tools portfolio of storage
O
The size of the product
In the case of export cargo common signs include:
O definition importer
O number of shipping boxes
O port of destination
O gross and net weight
O measurements of Foreign Fund
O country of origin -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
Special warning signs depending on the nature of the product
Any other requirements in accordance with the terms of each individual country.
The letter of credit
Is an agreement between the importer and the World Bank, where he works for the World Source Book reliance on behalf of the importer and delegate Banca another payment to the source. Where the payment after receipt of shipping documents and ensure that the imported goods conform to the conditions specified in shipment procedures. Where credit facilities granted directly and indirectly.
Clearing and Freight
The importer must do the following steps prior to the arrival of goods to the port:
O service agent clearance on arrival.
O provide the Under-clearance documents required immediately upon arrival advised in all circumstances to send documents to the importer or agent faxed clearance before shipment to ensure compatibility, accuracy and then be issued a customs declaration.
At the port of arrival of goods subject to the unloading and clearing where required to provide the following documents:
O packing list
O certificate of origin
O bill of lading or statement of air cargo
O import license
O certificate from the institution standards and specifications, if necessary
O is acknowledged to prove that all freight charges paid
__________________
Import-Export procedure
• Bill of Lading
Bill of lading
The document issued by the carrier which is a contract of carriage between the source and the carrier shows the port of loading and port of arrival and the means of transport and freight, and how to pay them. The bill of lading confirmation from the company before the tanker receipt of the goods below deck, which is also holding ownership of the issuer to describe the policy as cargo and destination.
Airway Bill
Air freight bill
The document constitute confirmation of receipt carrier and its willingness to transfer cargo. The list of road freight Waybill is written list of names and descriptions of cargo vehicle or train or car, which is the official document accepted by the shipping company in the state's claim for cargo transport company or the insurance company to recover the cost of lost or damaged during shipment.
Free On Board (FOB)
Salim on board
Pricing refers to the requirement that the price includes the price of the goods loaded on board the tanker in a particular place, nor is the source responsible for the goods if developed on the back of the ship at the port of departure, so the buyer bears all expenditures and the dangers that might cause cargo after their vessel.
Cost Insurance and Freight CIF))
The cost of insurance and freight
Pricing refers to the requirement that the price includes the cost of goods, insurance and freight costs until the arrival at the importing country
Ex-Works or EX-Factory (EXW)
Recognizing the seller
Pricing is a limited liability by the seller in the preparation of goods to the buyer in the premises of the seller, such as factory or warehouse, and the buyer bears all costs of the goods plus any risks resulting from the receipt of goods from the land seller access to places, and this requirement is a minimum obligation on seller.
Deliver Duty Paid (DDP)
Delivery fees paid to access the designated place
Pricing clause stipulates that the seller meets its obligations to extradite when delivery to the buyer faithful to the import-house on the means of transport in a place designated access, and this requirement represents the upper limit of obligation on the seller.
Quotas (Quota)
The allowable quantity of imported goods low tariff was negotiated in the commercial
MFN -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
The text is added to the treaties and conventions economic, financial, air and sea, which undertakes whereby each of the other two countries that granted the same privileges or facilities or exemptions previously granted or may be granted in the future to a third State, which is one of the principles of the World Trade Organization.
Instead breakdowns containers
Fees paid by the importer to return late in shipping containers at the port of destination after giving him a week or two weeks or as agreed between the shipping company and the importer. The calculated from the date of the arrival of goods at the port of destination until the empty containers to the port.
Storage Fees
Fees ground (storage fees)
Instead of flooring and storage in the plazas of the port paid by the importer or the High clearance of the goods after the grace period given, and the grace period in the Israeli port of four days.
Customs duties.
Taxes are usually imposed on goods imported into or exported from the State, may be ad valorem taxes are estimated percentage of the value of the product, or it may take the form of a fixed amount imposed on the product regardless of the value and know these taxes on behalf of quality, unlike tariffs, the customs duties used mainly as for the collection of revenue for the government and as a tool to protect local producers from foreign competition.
Certificate of Origin
Certificates of origin
A certificate issued by the Chamber of Commerce in the country of origin showing the manufacture or production of goods for export, is a document necessary to identify the nationality of the goods in order to assess the rates charges will be met or preferential transactions, which will have. And used in the control of the province to prevent the leakage of goods economically or prohibited.
Export Quotas
The export share
Legalization is the quantities of goods permitted for export, and the government resorted to this action in order to support either control prices to avoid height, or to control the goods for defensive purposes.
Commercial Invoice
Commercial invoice
Bill shows the quantity and value of goods sent and requirement specifications and delivery coupled with the price and issued by the source and ratified by the Chambers of Commerce.
Tariff Book
Book tariff
Contains all tariffs and other special import requirements (detailed and each product) applies country Maali imports
Customs Declaration Form (CDF)
Model statement CUSTOM
A document prepared by agents accredited rid their estimate and calculate the duties and taxes that will be forwarded customs authorities. The statement must be prepared accurately and customs identical to the statement shipload which is sponsored by the transport company for customs authorities to avoid fines customs.
Environmental Permit
So environment
Permission required for all chemicals and raw materials normally issued in the country of destination
Bonded Areas
Areas customs warehouses
Stores are public or private under the supervision of customs authorities are stored goods under Customs Service unless the clearance procedures, and, if these goods out of stores were met customs duties implications rather than meet the time of import, if re-export of goods they do not need to pay any taxes .
Export Declaration Form (EDF)
Model export statement
The document describes the product and show the value, weight, exporter's name, the carrier, port of departure, destination country, a place of access, and submit to customs authorities upon export.
Bonded Goods
Goods store Customs
The goods stored in warehouses public by the owners in preparation for the payment of fees or taxes in the case of clearance or any part thereof or re-exported.
Rules of Origin
Rules of origin
A set of rules included in trade agreements to facilitate the identification of the country of origin, where used to determine the country of origin to obtain preferential customs exemptions provided for in the free trade agreements.
Pro-Forma Invoice -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
Proforma invoice
The bill prepared by the exporter on the basis of a sale or inquiry, and the receipt of the invoice the importer does not evolve to purchase products. The present document contains a full description of the products, prices, import specifications, the expected delivery dates, terms and payment dates, the road approach, packing, shipping, insurance, unloading goods. This document may be necessary for importers to obtain a license for the government to adopt import or opening documentary.
Backing List
Packing list
A document issued by the source and show the contents of each package, number, weight of the shipment, the importer's name, invoice number and businesses, products and specifications describe accurately.
Import License
The import license
Is the license or permit issued to the importer competent governmental authority which allowed him to bring in specific quantities of specific goods and commodities, can not be imported only such license. It is a tool to control the government and control the movement of trade across national borders, a mechanism to ensure that trade policies and their implementation with respect to the granting preferential treatment and ensure that the pre-approval requirements, as well as health and safety requirements compulsory.
License Export
Export license
The government document allows the source to export goods specific to a country.
Drawback
The restoration of import duties
Restoration fees paid on imported goods to be re-exported
Health Certificate
Health Certificate
This certificate showing analytical data of the goods required and what materials within the industry and that the product is fit for human consumption or animal.
Harmonized System
Common system
The standard international classification of goods traded internationally under the symbol of one commodity, where materials are grouped according to the nature of the materials manufactured them.
Phytosanitary Certificate
Plant health certificate
A certificate stating that the grain or seeds or vegetable exporting child free of disease.
Certificate Of Weight
Testimony weight
Testimony showed the true weight of the goods and requests for homogeneous goods which depend on weight, such as rice, sugar and iron.
Specification List
Statement specifications
The document shows specifications, sizes and measurements of the goods in terms of latitude and longitude and Thickness and any other specifications, and also indicate quantity of goods cubic meters, typically used for goods that depend on size and measurement, not weight or packaging such as timber, and some kinds of iron.
Certificate of Surveillance or Inspection
Preview certificate or inspection
A certificate issued by a competent companies such as Lloyds LLOYDS or SGS where sampling and inspection of goods prior to shipment directly to ascertain the specifications mentioned, can also preview the goods at the port of arrival if they are damaged during shipment.
Analysis Certificate
Certificate of Analysis
This certificate requests for materials that need to be analyzed to determine the proportion of components must be issued by specialized bodies such as the laboratories.
Clearance Papers
Free papers -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
Tickets are given by the customs authorities at the port to the ship's captain to signal that the ship has fulfilled its obligations and have the right to leave the port.
Customs Declaration
Customs permit
With the passage of goods imported or exported at the checkpoints or customs clearance should be equipped with permits to facilitate transit, and customs declarations several models commensurate with the specific customs process.
Customs Bond
Customs pledge
Is pledged requests submitted by importers and owners of warehouses and transportation companies and persons who import and handling of goods subject to customs duties, and the purpose of this undertaking protect the interest of the government during the existence of such goods in warehouses or during handling and clearing transactions before rid of customs duties.
Custom Broker
The customs broker or Mukhlis
Is the natural or legal person shall rid own official transactions and clearance of imported goods from customs papers and preparing goods for export and submitted to the customs authorities, as well as documents and other documents requested by the governmental authorities in foreign countries.
Customs Clearance
Customs clearance
The formalities are transactions involving the payment of fees and highlight the documentation required for customs clearance of imported goods after lowered customs checkpoint in the air or sea or land.
Discriminating Duties
Customs taxes distinctive
Taxes are imposed on imports of a particular state tax rate is higher than that price, which imposes on similar imports from other countries.
Transit Trade
Transit trade
The transportation of goods from stations broadcasting to reception centers and ports to temporarily deposit or some manufacturing processes or packaging or packaging and then re-exported without customs duties by lead.
Non-Tariff Barriers
Non-tariff barriers
Are the barriers that prevent free trade otherwise customs preferences to other foreign goods such as local support for some commodities national.
Label
Goods-card statement brand
Is a piece of paper or a piece of paper or metal or skin or similar goods or paste on the shell, which when packaged goods to describe the contents of the container was shipped goods to the statement of origin and price.
Brand Name
Trademarks
The symbol is used to distinguish one commercial products from similar products produced by competitors. Trademarks and enjoy legal protection from abuse by others in the domestic laws and international law.
Manifest
A ship-load Manifst
The statement was prepared by the captain of the ship for goods downloaded from the ship to the port of a certain image and send him to power tariff and freight forwarders. This statement contains a full description of the goods, the importer's name, weight, number of packages, the volume of the goods, name of ship, flight number, the loading port, the port of discharge.
Protective Tariff
Customs tariffs to protect -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
You know it is decided for the purpose of protecting or promoting local industry, through a high tariff rate on imported goods which compete with similar goods manufactured locally, and such tariff works to promote national industry and diversify, but at the same time working to raise the cost of production, thus affecting the purchasing power for citizens.
Re-exportation
Re-export
The export of goods or goods already imported from a foreign country without fine or have any fundamental change there. And speaking of this process in the case of refusal by imported goods because of irregularities in terms of shipment. And also being re-exporting goods to the country of origin or to any other country in the event of refusal to customs authorities and health clearance because of the lack validity for human consumption.
Export Duties
Fees exports
What is the amount of tax imposed by the government indirectly exported goods abroad and paid both affordable source himself or transfer to the producer or importer of taxes, and also include government imposed fees in return for the right to export.
Export Incentives
Export incentives
The financial assistance granted by the government to local firms to encourage exports and help the state's balance of payments, including export incentives and direct subsidies to reduce the prices of exports-export subsidy and tax concessions-exempt profits earned from exports, and credit-export financing low-cost, financial guarantees - reserve for bad debts, The other countries in the export incentives unfair trade practice, which paid to take retaliatory action.
Export Restraint Agreement
Agreement restrict exports
An arrangement between an exporter and the State of limiting the volume of imported product or trade certain products, specifically restrict exports and imports between the two countries to a certain extent, or by the local sales in the importing State, and thus the reduction of exports measure to protect local producers in the State imported from foreign competition and strengthens the balance of payments in that State.
Export Subsidies
Export subsidies
Subsidies are paid by the state to encourage exports.
Harbor or Port Dues
Port charges
Port charges are such as importers and exporters paid for the use of port facilities and places landings
Export procedures Import-Export procedure
•
O company registration
The all economic installations either individual or corporate registration with the Ministry of Economy and Trade and under the law, where to classify companies:
O public shareholding company
O shareholding company private limited
O ordinary company
O
Company limited regular-simple recommendation
Card dealing in foreign trade
After obtaining the registration of the company with the Ministry of Economy submit applications for merchant card handling foreign trade facility:
O licensed practitioner (proof of registration with the Tax Service)
O certificate of registration in the Chamber of Commerce
O personal identity
O
Personal photos
The export license
Usually does not require export licenses, but some goods need to meet certain requirements and standards and such goods are necessary export license, such as foodstuffs, chemicals, agricultural products
Certificate of Origin
A certificate issued by the Chamber of Commerce in the country of origin showing the manufacture or production of goods for export, and the percentage of local inputs (value-added). Therefore it is a document essential to identify the nationality of the goods in order to assess the rates charges will be met or preferential transactions, which will have. And used in the control of the province to prevent the leakage of goods economically or prohibited. The certificate of origin include the following information:
The name of the source, the source address, product name, the title of the product, the importer's name, address importer, Center for export, import status, date of shipment, and a means of transport. It also shows the type of certificate of origin of goods exported, the number of parcels, and quantity, trademarks, and the net weight is based, and the value of the goods. The number, date commercial invoice, and the percentage of local inputs of the total cost of production.
These forces require submission
O commercial invoice
O -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
Packing list
Where is the mobilization model certificate by the competent staff room after check invoice and packing list and verify the veracity of the information contained therein, which issued the certificate, stamped and signed by the chamber.
Models of certificates of origin according to the State intended to export:
O EURO 1 export to the EU and EFTA countries.
O for either export to the United States of America requires obtaining a certificate of origin claims model (a)
O certificate of origin for Canada: is a proof that the merchandise right to enjoy exemption from customs when exported to Canada for its commitment to the Canadian rules of origin.
O requires export to the Arab countries especially certificates of origin to prove right goods at preferential treatment because they abide by the rules of Arab origin. Accompanied by a certificate of origin commercial invoice and packing list. Model
O
Rules of origin
O
Rules of origin Egyptian
Provides rules of origin that are Egyptian production cost of industrial products originating in the national minimum 40% of local input
O rules of origin for Arab States
Provides rules of origin of the Arab states that the product is a product nationally exporting State if the following conditions: - that the product has grown or produced or manufactured entirely and it was a great conversion in the country
- That are no less valuable raw materials (produced in the country) and the direct cost of production for 40% of the value of exported goods
O
Rules of origin EFTA States
Rules of origin EFTA States are the same rules applied in the European Union.
Insurance
A certificate of insurance is required of goods during transport, and there are two types are common responsibility regarding the source of goods:
O (FOB) Free on Board (extradition on board): It refers to the responsibility of the importer after loading the goods on board the ship and therefore it must pay the cost of insurance from the moment of cargo from the port of departure, which does not include the price of goods transport cost and insurance.
O
CIF (price of the goods with insurance and freight), indicate that the source pays the costs of insurance and freight to the port of arrival. Any source that is responsible for the goods to reach the port because the imported price includes the cost of insurance and wages and transportation.
Bill of lading
What is the contract of carriage between the carrier and the owner of the goods where issued by the carrier and shall be either-negotiable or not. "Negotiation word," "the possibility of selling the goods while in the stage of transport."
Air freight bill
A document (air freight only), a confirmation of receipt of goods to the carrier for transport, the carrier issued this policy, which are non-negotiable, and therefore could not sell the goods while in the stage of transport.
Commercial invoice
They differ from the initial invoice, which is a document prepared by the source in response to a request importer, which contain commercial invoice, which must be printed on the following:
O full description of the products
O prices
O specifications import
O delivery date
O date and payment terms
O shipping line through
O packing
O insurance
O
The type of truck
Packing list
Must be prepared by the producer or exporter must reflect the actual content of freight container fully, and the list might be unnecessary when all information contained packing list contained clearly in the commercial invoice. The packing list follows:
O gross weight of the load
O net weight of the load
O commercial invoice payment
O importer's name
O load funds
O contents of each Fund
O -
- CommentAuthorlouiys
- CommentTimeSep 8th 2007
The type of products and specifications
After providing all the above papers are the work of some of the procedures for the processing of goods for export are:
Labeling and paste marking trading
Must labeling and paste markings on commercial goods exported where signs are important for the safety of shipping and speed the transfer of goods. The contents vary according signs freight each country, as well as trading conditions paste markings that have been mentioned in the import procedures include signs shipping in general the following information:
- Definition importer
- Number of shipping boxes
- Port of destination
- Gross weight and net weight
- Measurements of Foreign Fund
Country of origin -
- If the warning signs goods require careful attention
Duties and taxes
Exports are exempt from the payment of any taxes or customs tariffs or fees, where the importer pays the necessary fees and taxes at the port of destination.
Re-export license
Using re-export license when exporting material defects were imported before, such as vehicles, computer, and other electronic devices. We must get this special license from the Ministry of Economy, Trade and the Chamber of Commerce to endorse billing packing. Such a license is required to obtain an exemption from customs duties on goods bounced, where the list must be precise and detailed packing for customs exemptions.
O God, and clarified the picture for bank credits and I am ready for any inquiry
O or question
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