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Procedural Formalities : The ECGC has three types of claim forms: (i) Form No.501 for claims rising due to non payment for goods accepted by the buyer, (ii)Form No.502 for claims arising because of the non-acceptance of goods/documents by the buyer, and (iii) Form No.503 for clinics on account of delay in transfer of funds to India. Claims due to the above causes should be filed in the respective prescribed forms. Other types of claims can be filed by means of a letter, giving full particulars of the cause and extent of loss. The claims have to be submitted to the ECGC office that issued the policy. Again, the claim forms should be sent through the bank which handled the export bill concerned. No claim will be entertained by the ECGC if it is not filed within a period of 24 months from the due date of the concerned bills.
MAJOR PRODUCTS EXPORTED : Look at Table which shows the major products exported from India and the changing pattern thereof over the last 40 years. It is clear from the above ta
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GENERAL PROVISIONS REGARDING EXPORTS AND IMPORTS : As you know that the policy aims at promoting the exports and liberalising the imports. Let us first study the general provisi
Form of Contract: There are no universally acceptable norms as to the form of export contracts. It need not be a formal document signed by both the parties and it need to be s
Extraneous Perils : These are the incidental perils to which the cargo is exposed. These are caused mainly on account of the faults in loading, keeping, carrying and unloading of
After studying this unit, you should be able to: I describe the reasons for documentation in export trade 1. Explain functions of different kinds of documents needed for perfor
FOREIGN EXCHANGE : Foreign exchange, as defined under Foreign Exchange Regulation Act. 1973 is foreign currency and includes: i) All deposits credit and balance payable in fore
1. How do advertisers try to use group influence? Can you find any specific examples and describe the relevant theory of group behavior and influence? 2. “Consumer behavior is irra
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