Export Import April 2024

Description

Export Import Procedures and Documentation

April 2024 Examination

 

 

Q1. Your company wants to venture into export business as they have got lot of enquiries for their products.  The company Finance manager knows that you have good knowledge in export import documentation and hence approached to guide him on registration with Export Promotion Councils.  (10 Marks)

Ans 1.

Introduction:

Venturing into the export business requires careful consideration of various aspects, and one crucial step is the registration with Export Promotion Councils (EPCs). These councils play a pivotal role in promoting and facilitating exports by providing valuable support, information, and services to businesses. As the company’s Finance Manager seeks guidance on this matter, it is essential to understand the significance of EPC registration and the It is only half solved

 

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Q2. You have negotiated with one exporter to import gift items for Diwali.  Your exporter asks you to make the payment thru Letter of credit.   Your boss is not much aware of LC and wants to know how to get this LC processed.  Please explain as to how LC works to your boss by way of a small write up.  (10 Marks)

Ans 2.

Introduction:

In the dynamic world of international trade, secure and efficient payment mechanisms are crucial for both importers and exporters. One such widely used method is the Letter of Credit (LC), a financial instrument that provides a level of assurance to parties involved in a transaction. In this context, when negotiating the import of gift items for Diwali with an exporter, they have proposed the use of an LC for payment. Understanding the fundamentals of LC is essential for a smooth and secure transaction. This write-up aims to guide your understanding of how Letter of Credit works, providing insights into its concept, processes, and

 

 

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Q3. Your company got a huge export order from South Africa and do not want to lose it. At the same time, your company also worried about payment from the importer. They ask you to explain

1. a) Whether they can cover the payment risk under any insurance? (5 Marks)

Ans 3a.

Introduction:

When securing a substantial export order, concerns about payment risks from the importer are natural. Mitigating such risks is crucial for the financial health of the exporting company. One effective strategy is to explore the option of covering payment risks through insurance. In this context, understanding the possibilities and benefits of trade credit insurance becomes imperative.

Concept and application

Trade credit insurance is a risk management tool that provides protection against the non-payment of