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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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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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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Payment Method: Open Account and Consignment Account

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Under this arrangement, the seller gives a certain credit period to the buyer to pay the purchase price of the goods for example 60 days after the shipment of the goods or 30 days from the invoice date and so on. The goods are forwarded directly to the buyer. The invoice, insurance policy and shipping documents like bill of lading, delivery order or airwaybill are also dispatched directly to the buyer to enable him to take delivery of the goods and dispose of them. On agreed due date, the buyer makes payment accordingly. The open account payment method is commonly practiced in trading within the country i.e. local trade. Factors to be considered are: The Buyer Compliance of the contract requirements such as prompt delivery of the goods to third party buyers; prompt payment on the respective due dates to continue good track records, Foreign exchange risk. The Seller Payment made only after shipment or delivery; Buyer's credit risk and integrity; Buyer's country risk - exchange c...
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