Merry Christmas & Happy New Year

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Wishing all my friends, colleagues, customers, vendors and readers a Merry Christmas and Happy New Year.

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Certificate of Insurace

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The Certificate of Insurance is a document indicating the type and amount of insurance coverage in force on a particular shipment. In documentary credit transaction, the certificate of insurance is used to assure the consignee that insurance is provided to cover the loss of or damage to the cargo while in transit. A complete certificate of insurance should include the following elements: The name of the insurance company, Insurance policy number, Description of the merchandise insured, Points of origin and destination of the shipment. Coverage is indicated by the terms of sale. For example, for goods sold "FOB", coverage commences once the cargo is on board the vessel and continues until the consignee takes possession at either at the seaport or in-land port of destination, Conditions of coverage, exclusions and deductible, if applicable, A signature by the insurance carrier, underwriter or agent for the same, Indication that the cover is effective at the latest ...
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Bonded Warehouse

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Customs Definition Premise granted a license by the Director-General of Customs to store goods liable to customs duties and any other goods as approved by the Director-General of Customs under Section 65 of the Customs Act 1967. The establishment of a warehouse is based on the concept of a central storage and distribution of goods in this country and international trade. Objectives a) To reduce congestion at the port/airport b) To expedite the movement of goods c) To reduce financial liability on importers by allowing a partial payment of customs duty d) To reduce cost and allow importers to import larger quantity e) To encourage entreport trading There are few categories of bonded warehouse in this country which are listed as follows: a) Public Bonded Warehouse b) Private Bonded Warehouse c) Agent Bonded Warehouse d) Inland Clearance Depot e) Pekema Bonded Warehouse Application for License to establish a bonded warehouse: a) Letter of Application b) JKED No. 1 Form c) Application Form...
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Responsibility of the Public Warehouse licence holder

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Every holder of the Public Warehouse licence is required to adhere to all terms and conditions as stipulated in the Regulations of the Customs Act. The responsibilities to be executed by every licence holder are: administration of the warehouse; security of the warehouse; keeping of records of goods deposited in and shipped from the warehouse; to provide facilities required in operation of a warehouse such as an office for the Customs officers to work on; payment of duties of unaccounted goods; to furnish a bank guarantee amounting to 10% of the entire amount of duty of goods deposited into the warehouse at any one time; to submit monthly report to the Customs as required under the Regulation. Goods allowed to be deposited in the warehouse The types of goods that could be deposited into a Public Licence Warehouse are as follows: all types of dutiable goods imported or exported; product of Free Zones to be exported of to be consigned locally; products of Licence Manufacturing Warehouse ...
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