Points to be checked while scrutinizing the shipping documents-Foreign Exchange etc.
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Points to be checked while scrutinizing the shipping documents-Foreign Exchange
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Points to be checked while scrutinizing the shipping documents:
1. Forwarding Schedule of the Negotiating Bank:
Whether there is any discrepancy mentioned in it.
Whether there is any special instruction that cannot be complied with.
Whether there is any commission/ charge payable /realized beyond L/C terms.
2. General :
Late Shipment.
Late Presentation.
Early shipment i.e. shipment made before issuance of L/C.
L/C expired.
L/C over-drawn.
Partial shipment or transshipment made beyond L/C terms.
3. Bills of Exchange :
Amount shown in the B/E differs with invoice.
Amount in words differs with figure.
B/E is not drawn on L/C Issuing Bank or drawn beyond L/C terms.
B/E is not signed.
Tenor of B/E is not identical with credit terms.
Full set not submitted
4. Commercial Invoice :
Not issued by the beneficiary.
Not signed by the beneficiary.
Not made out in the name of the Issuing Bank or issued beyond L/C terms.
Description, price, quantity, sale terms of goods do not correspond to L/C terms.
Not marked one fold as original.
Shipping mark differs with B/L and Packing list.
5. Packing List:
Gross Wt., Net Wt. & Measurement, Number of Cartons/Packages differ with B/L
Not marked one fold as Original
Not signed by the Beneficiary
Shipping marks differ with B/L
6. Bill of Lading/ Airway Bill/ Truck Receipt:
Full set B/L not submitted.
B/L is not drawn or endorsed to the order of the Issuing Bank.
“Shipped on Board”, “Freight Prepaid” etc notations are not marked on the B/L.
Name and address of the notify party are not mentioned or differ with L/C.
B/L does not indicate the name and capacity of the agent signing the B/L on behalf of the carrier or master.
Shipped on Board Notation not showing name of Pre-carriage vessel/intended vessel
-On Board notation not showing the port of loading and name of the vessel (if the B/L indicates the place of receipt different from the port of loading).
Charter party B/L
Descriptions of goods in B/L differ with commercial invoice and packing list.
Alterations in B/L not authenticated.
B/L showing goods loaded on Deck.
B/L bearing clauses or notations expressly declaring defective condition of goods and/or packages.
Stale B/L
7. Others :
N.N documents not forwarded to buyers or forwarded beyond L/C terms
Inadequate number of Invoice, Packing List, B/L and others submitted
Certificate of origin differs with L/C terms
Shipment advice with Insurance Cover Note number not issued to the Insurance Company and/or to the applicant
Shipping Company Certificate regarding ownership of vessel not issued
LCA Form, IRC, HS Code and Export L/C Number are not mentioned in all the documents
8. PSI Certificate :
CRF not signed by authorized officer of the inspecting company under dry embossed seal/hologram.
Container number and inspecting company’s seal number not mentioned in the CRF in case of container shipment.
Description, price, quantity, quality, H.S. Code and price of goods differ with L/C and Invoice.
CRF number and date not mentioned in the invoice and packing list with due endorsement of the inspecting company. Export L/C:
Categories of Export:
Readymade Garments
Jute & Jute Goods
Leather & Leather Goods
Others
Nature of Export Finance:
Pre-shipment Credit
Cash Credit (Hypothecation).
Cash Credit (Pledge).
Packing Credit.
Back to Back L/C.
Post-shipment Credit
Negotiation of Export Bills.
Time Loan.
Loan against Cash Incentive.
Loan against Duty Draw Back
Export Documents:
Bill of Exchange
Commercial Invoice
Packing List
Bill of Lading / FCR/ AWB
Inspection Certificate
Beneficiary’s Certificate (if required)
Certificate of Origin / GSP (if required)
Other Certificates (if required)
Back to Back L/C: Feature of BTB L/C:
Back to Back LCs to be opened against export LCs received by export orient industries under the bonded warehouse system.
Required value addition should be observed (value addition is prescribed in IPO)
For Quota & Non-quota woven garments : 20%
Knitted/others (Qouta – price $60/Dozen): 15%
Knitted/others (Non- qouta – price $60/Dozen): 10%
Sweater : 20%
Kids’ garments : 15%
Submission of BTB L/C Application:
LCA form duly signed and approved
LC application form duly signed
Pro-forma invoice duly signed and accepted
Insurance cover note
IMP form duly signed
Master LC / contract (export order)
Scrutiny of Master L/C or Contract:
Shipment validity
Expiry date
Payment terms
Verification of authenticity of Advising Bank and Transferring bank
Issuance of BTB L/C:
Approval of fact sheet
Draft of LC
Transmission of LC
Passing vouchers: -Dr: CD Account (party account) – Cr: Income account (commissions & charges) Passing contra vouchers: Dr: Customer’s liability on LC Cr: Banker’s liability on LC
Lodgment of Shipping Document:
Reversal of LC liability & creation of bills liability
Scrutiny of shipping documents Transmitting discrepancy notice (if any) to the foreign negotiating bank.
Issuance of discrepancy notice to applicant advising them to accord disposal instruction
Endorsing documents to importer for taking delivery of goods
Calculation of due date Intimation of due date to negotiating bank
Lodgment and retirement of L/C-
Documentary Collection:
Lodgment of Sight L/C:
Receipt of shipping documents
Scrutiny of shipping documents
Transmitting discrepancy notice (if any) to the foreign negotiating bank
Issuance of discrepancy notice to applicant advising them to accord disposal instruction
Reversal of LC liability and creation of PAD liability
Dr: PAD account
Cr: ID Head Office (Nostro account) Reconciliation of debit entry with the reimbursing bank.
Issuance of notice to the applicant for retirement of documents.
Retirement of Sight L/C:
Balance fund collected from the applicant credited to the “margin on LC A/C” and thereafter credited to PAD A/C for adjustment by debit to “margin on LC A/C”.
Interest on PAD A/C is recovered from the applicant and credit to Income A/C. Transport document is endorsed in favour of the applicant for taking delivery of imported merchandise.
Lodgment of Documents (In case of Usance L/C):
Documents are lodged by creating IFBC by reversal of LC liability.
Scrutiny of shipping documents
Transmitting discrepancy notice (if any) to the foreign negotiating bank.
Issuance of discrepancy notice to applicant advising them to accord disposal instruction
After taking acceptance of the applicant on Bill of Exchange shipping documents are endorsed to the importer
Intimation of due date
Retirement of Documents (Incase of Usance L/C):
I. Reversal of IFBC liability
II. At maturity payment is made through Nostro accounts
III. Passing of vouchers: Dr : Margin on LC account Dr: Party account Cr: ID Head Office (Nostro account )
6) What are the types of L/C?
As per UCP article no. 6(b) the L/C types may be assert as SIGHT or DEFERRED. All credits must indicate whether they are available by sight payment or by deferred payment, by acceptance or by negotiation.
7) What papers required to open an Import L/C?
a. Application in letter head pad for opening of L/C
b. Import Registration Certificate (IRC)
c. Proforma Invoice or Indent
d. Valid Trade license
e. Trade Association Membership Certificate.
f. TIN number ( in case of new importer)
g. Income Tax payment & VAT Certificate ( in case of old importer)
h. Insurance Cover note.
i. Printed application form duly stamped
j. L/C authorization form (LCAF) (six copies)
k. IMP form one set (four copies)
l. Credit Report on the Exporter.
8) What are the main four documents of Export/Import L/C?
(i) Commercial invoice
(ii) Transport document
(iii) Insurance document (iv) Others.
9) What is Back to Back L/C (BTB L/C)?
Back to Back L/C (BTB L/C) is a type of import L/C, either inland or in abroad, which opens against lien on valid export L/C (Mother or Master L/C) received by export oriented industrial unit operating under the Bonded ware house system, subject to observance of domestic value addition requirement prescribed by Ministry of Commerce from time to time.
10)What are the regulatory requirements to open BTB L/C?
1. Only recognized export oriented industrial units who possess valid registration with the CCI & E operating under Bonded Ware house system will be allowed the BTB L/C facility.
2. The master export L/C against which BTB L/C is requested should have adequate validity period (minimum two months) to cover the time needed for import of inputs, manufacturing of merchandise and shipment to the consignee.
3. The BTB L/C value shall not exceed the admissible percentage of net FOB value (not more than 75%) of the relative master export L/C. For computation of net FOB value of a master export L/C, the freight charge, insurance cost and commission if payable by the exporter in foreign currency shall be deducted from the L/C value.
4. The BTB import L/C shall be opened on upto 180 days usance (DA) basis except in case of those opened against Export Development Fund (EDF) administered by the Department of Banking operation and Development of Bangladesh Bank in which case the BTB L/C will be opened on sight (DP) basis. Interest for the usance period shall not exceeded LIBOR, or the equivalent interest rate in the currency of settlement.
5. All amendments of the master export L/C should be noted down carefully to rule out chances of excess obligation under the Back to Back import L/C
6. Back to Back import L/C should not be opened against L/Cs received for export under barter/STA, without prior approval of Bangladesh Bank. 7. The BTB import L/C shall contain condition of pre-shipment inspection by internationally reputed Inspection firm regarding quality and quantity of the merchandise.
11) Write the scrutinize points of a Master L/C against which BTB L/C will be open.
1. Whether Master L/C has been opened by an internationally reputed bank.
2. Whether the L/C is irrevocable.
3. Whether the L/C issued covers ICC publication UCP-600.
4. L/C should not contain unacceptable conditions/clause.
5. Terms of payment should be at sight.
6. Date of shipment/credit validity/place of expiry should be clearly mentioned.
7. Inspection clause, reimbursement clause, disposal of document clause should be clearly mentioned.
8. Regarding terms of delivery CIF is preferable as we can make payment the freight and insurance in local currency.
9. If the L/C is transferable, authentication of transfer/letter of transferring bank to the issuing bank is required. 10. If exportable goods are under quota, allocation of quota is required.
12)What are the required papers and documents to be obtained for open a BTB L/C?
I. L/C application and Agreement form
II. LCA form
III. IMP form
IV. Valid Trade License & Membership certificate of the Trade body.
V. Valid ERC and IRC VI. Indent/Proforma invoice
VII. Insurance Cover note
VIII. Valid Bonded Ware House License
IX. Quota allocation letter (if applicable)
X. Indemnity Bond duly stamped
XI. Credit report
XII. Letter of Undertaking to the effect that he will export the ready made garments as per terms & conditions of L/C.
XIII. Master/Mother L/C duly lien marked XIV. Charge documents duly stamped.
65 thoughts on “Points to be checked while scrutinizing the shipping documents-Foreign Exchange etc.”
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