IB0014 - CERTIFICATE

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ASSIGNMENT

ASSIGNMENT DRIVE	SUMMER 2014
PROGRAM	Certificate in Export Import Management
SEMESTER	IV
SUBJECT CODE & NAME	IB0014 - CERTIFICATE
BK ID	NA
CREDIT &MARKS	60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Q. 1. Describe Custom House agents and their responsibilities

Answer:Description of CHAs: A custom house agent is somebody entitled to act upon a company’s behalf on actions involving the import and export of goods. The phrase is most commonly used in India. There such agents must be licensed under section 146 of the Customs Act. The purpose of a custom house agent is to tackle the problem that management of many businesses simply do not have the resources to personally deal with import and export issues. This is a particular concern given that India is traditionally a trading nation. There is also a high

Q. 2. Describe different types of maritime fraud along with precautionary measures to combat them

a)Types of maritime fraud

b)Precautionary measures

Answer: Maritime fraud occurs when one of the parties involved in an international trade transaction like the buyer, seller, shipowner, charterer, ship's master or crew, insurer, banker, broker or agent illegally secures money or goods from another party to whom, on the face of it, he has undertaken specific trade, transport and financial obligations. Development Earlier Maritime fraud was only at the parochial level. But currently it has

a)Types of maritime fraud: Frauds are broadly classified into Documentary, Shipping and Charterparty frauds.

·         Documentary: Some or all of the documents specified by the buyer for presentation by the seller to the bank to receive payments are forged.

·         Shipping: It includes scuttling, deviation, cargo theft, arson or so called accidental fires in which vessel or cargo isdisposed of with the connivance of her owners.

·         Charter Party: It occurs when one or two contracting parties default, leaving the others to clear the mess. These contracting parties for a Time or Voyage charter are shipowner, charterer and cargo owner. Such frauds were not uncommon in the past but the problems escalated following oil boom, excess tonnage, congested ports, inexperienced developing countries in international trade and disturbed political or social conditions in various countries.

·         Theft of cargo by crew.

b)Precautionary measures: The following precautionary measures are suggested:

·         Dealing only with reputed companies.

·         Awareness to traders by Embassy commercial sections and Chambers of Commerce of the risks in trade and transport transactions and the necessity to check before advancing the names of potential suppliers, buyers

Q. 3. What are the essential elements of a marine insurance policy? Explain the different types of marine insurance policies.

·         Essential elements of marine insurance policy

·         Different types of marine insurance policies

Answer: It Covers loss or damage to your goods while being transported by rail, road, air or by sea. The policy compensates you for losses suffered and offers complete financial protection during the transit of your goods.

Essential elements of marine insurance policy:

1. Features of General Contract :Proposal, Acceptance, Consideration, Issue of Policy

2. Insurable Interest:Lost or Not Lost, P.P.I. Policies, According to Ownership, Insurable Interest in Re-insurance, Insurable Interest in other

Q. 4.Describe the main types of Packaging materials. Give two examples of products each type is mostly used for.

·         Description of types of packaging

·         Examples of Products

Answer: Packaging is very essential to every and to any type of industry.  Whether you’re in the food business, clothes manufacturing or you’re in the technology industry, packaging is crucial.  It protects the product from any potential damage that will deem the product useless.  Thus a good packaging system is a must.

Description of types of packaging

Q. 5. You are a merchant exporter. A prospective overseas client has shown interest in your products. Write a letter making a firm offer mentioning all relevant facts regarding product features, payment terms, transport details, insurance, delivery schedules, packaging etc.,? Assume all relevant details about the product and the client.

Answer: Exporting and importing are two sides of the same coin; both supply customers with products manufactured outside the country. Exports now account for over 15% of global GNP and are growing at an annual compound rate in excess of 10%. Export marketing requires a knowledge of the target market, a marketing mix decision, planning, organisation and control and information systems. Exporting is often an incremental process, from

Q. 6. Explain Export Promotion Capital Goods scheme (EPCG) and Marketing Development Assistance (MDA) scheme promoted by the Government of India

Answer:

EPCG: EPCG is a term used in India under exports and imports. EPCG means, Export Promotion Capital Goods. EPCG is one of the schemes provided by government of India to importers and exporters to promote exports.  In simple and easy language, EPCG is a scheme related to machinery, machinery parts and similar goods.The scheme allows import of capital goods for pre production, production and post production (including CKD/SKD thereof as well as computer software systems) at 5% Customs duty subject to an export obligation equivalent to 8 times of duty saved on capital goods imported under EPCG scheme to be fulfilled over a period of 8 years reckoned from the date of issuance of licence. Capital goods would be allowed at 0% duty

Dear students get fully solved assignments

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