Reyansh Goswami

Container detention is used to prevent the late return of containers. These are charges applied by the shipping lines if the containers are not returned to the designated location within the ‘free time’ period (7 to 10 calendar days, including weekends and holidays).

No. Only bodies authorized by DGFT (The Directorate General of Foreign Trade), Union Ministry of Commerce and Industry can issue Certificate of Origin

IEC Stands for IMPORTER EXPORTER CODE. No export or import shall be made by any person without an Importer-Exporter Code (IEC) number unless specifically exempted.

The term cargo insurance, popularly known as marine insurance, applies to all modes of transportation. The need for export (or import) cargo insurance often differs from exporter to exporter (or importer to importer) and from consignment to consignment. Unless the insurance is mandatory in a trade term, the exporter or the importer may opt not to insure the goods at his/her own risks. Depending on the international commercial terms, either the seller (the exporter) or the buyer (the importer) is responsible for insuring the cargo. The seller is obligated to insure the cargo in the CIF (Cost Insurance and Freight) and CIP (Carriage and Insurance paid) terms. The seller may opt not to insure the cargo at his/her own risks in the DDU (Delivered Duty Unpaid) and DDP (Delivered Duty Paid) terms. The trade terms DDU and DDP are often used in the turnkey projects where the amount at stake is large. In practice, the seller usually insures the cargo in the DDU and DDP terms.

The entity bringing goods for Temporary purpose should have obtained a Customs business code based on their license issued by the concerned mainland entity.

Customs declaration for Temporary admission should be submitted with the reason for temporary admission of the goods. A deposit equivalent to Customs duty will be applicable according to the Customs tariff on the item which will be refunded upon re-exportation of the goods within the timelines allotted for Temporary admission.

In case the goods are covered under ATA carnet, then no deposit is applicable. The timeline of temporary admission for ATA carnet will be 6 months or until the validity of the ATA carnet whichever is lesser.