Global Trade News

The Bill of Lading holds significant importance in the export process, being issued post the completion of export customs formalities and upon receiving the original "Let Export Order (LEO)" copy. This document, provided by the shipping company, serves as evidence of goods' receipt and shipping. Here's an in-depth look, considering the impact of import-export data. In a situation where the goods or services are loaded from a CFS (Container Freight Station) (dry port) located away from the seaport of loading, the multimodal transport provider/carrier is responsible for the movement of goods or services to a seaport. The goods or services are then loaded onto the vessel. However, the document of “Received for shipment Bill of Lading” can be issued by the shipping carrier as soon as they receive the goods or services from the seller/exporter and once the export customs clearance procedures are completed.  In short, the goods need not be loaded onto the vessel. The expo...

Under the terms of the Letter of Credit (LC), can the Indian exporter or the seller surrender the Bill of Lading (BOL) and make arrangements to send the Original Bill of Lading (OBL) message in order to release the container without insisting on the Original Bill of Lading (OBL) at the destination port. Generally under Letter of Credit (LC) in import export business , the Original Bill of Lading (OBL) along with other documents is submitted with the negotiating bank by the beneficiary of Letter of Credit (LC). The beneficiary bank then arranges to send the documents to the Letter of Credit (LC) opening bank. The Letter of Credit (LC) opening bank then delivers the documents to the buyer or the importer after the documents are accepted and approved by the bank. Is the Original Bill of Lading (OBL) required to be submitted in the Letter of Credit (LC) transactions? As understood, a Letter of Credit (LC) document is an assurance given by the Indian importer’s or the buyer’s bank to...

Is it possible to delay the delivery of a particular consignment on request?   It is certain that there is tremendous amount of stress involved for an early delivery of the consignment for someone who is handling shipments throughout the day for their import export business . The pressure of delivering the consignment on time is a daily routine for professionals in the import export industry and is the same all over the world.   As a given, most carriers are needed to deliver the goods or services to their client at the earliest possible. Teams run strategies at the backend which focus only how to minimize the transit time of a particular shipment. The reasons may be innumerable for delay in delivery such as seasonal commitments, delay from the supplier’s end, delay from the manufacturer and many more. An unusual question to ask, “How can one delay the delivery of a particular shipment in import export business?” Well, there are several reasons to maximize the transit t...

  In short, this process involves banks, shipments where there is no Letter of Credit involved, Export Bill Discounting takes place. Export Bill Negotiation takes place when Letter of Credit is involved. After the completion of all important export formalities and procedures, the exporter or seller prepares a document kit including all necessary documents to send to his overseas importer or buyer to collect the goods or services. This document kit includes the commercial invoice, packing list, Bill of Lading (BOL), certificate of origin, Airway Bill (AWB), quality certificate, Bill of exchange and other documents mentioned by the importer or buyer at the time or placing an order.  If this shipment falls under the LC terms, the exporter or seller has to be deeply involved while preparing this document kit in order to meet all the necessary requirements that fall under the terms of Letter or Credit (LoC) in export import business . Once this document kit is prepared, the expo...

  One of the most common questions asked by exporters or sellers in the industry is by when does the shipping company or carrier provide them with the Bill of Lading (BOL)? What is the approximate time taken to release the Bill of Lading (BOL)? By when can an exporter or the seller expect to receive the Bill of Lading (BOL) from the carrier? Will he/she be eligible to obtain the Bill of Lading (BOL) right after handing over of his goods or services to the shipping company or the carrier vessel? Normally does the Bill of Lading (BOL) be generated before the movement of goods from the warehouse? Can the exporter collect the Bill of Lading (BOL)in import export business before the completion of export formalities and customs clearances procedures? Once the export invoices are generated, can the exporter/seller collect his/her Bill of Lading (BOL)? Once the shipment is moved from the factory, can the Bill of Lading (BOL) be generated and released? Can the exporter or seller enquire ab...