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Internal
Assignment Applicable for December 2017 Examination
Custom
Shipping and Insurance
1. You have joined a company as an
Imports Executive (Operations) in Mumbai. You have been sent to the sea port to
do the customs clearance of an imported consignment. The consignment is on CIF
basis. What would be your sequence of operations to clear this. (10 Marks)
2. Your company proposes to import one
Live Horse . You have been asked to check the foreign trade policy for its
importability and the customs duty. You need to give the following details to
the management: a. Which chapter this Live Horse is classified in the customs?
b. Is it freely importable? If not what is the category of this import and how
to import? c. What is the rate of customs duty only. (10 Marks)
3. One consignment in a 20 feet container
was imported to Mumbai in July in FOB terms. The freight and insurance is to be
borne by your company. After customs clearance, your customs broker transferred
the consignment from the container to a truck to transfer to your factory. The
entire consignment got wet in transit due to heavy rain.
a. How will you claim the insurance for
this damage and what type of insurance policy will cover this type of damages ?
(5 Marks)
b. What precautions should have been
taken to avoid such damages? (5 Marks)
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