Bill of Exchange & Bill of Entry

Its is most important part of garments section. First of all Bill of exchange is as like money Cheque & other side Bill of Entry is customs document. Now clear what is Bill of Exchange & Bill of entry.

Definition of Bill of Exchange 

A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, with the payer usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term can have different meanings, depending on what law is being applied and what country and context it is used in.

How to work Bill of Exchange ?

Bill of Exchange. A bill of exchange is a document used in international trade to payfor goods or services. It is signed by the person promising to pay, and given to the person entitled to receive the money. The bill may specify that payment is due on demand, or at a specific future date.

What is Bill of Exchange in Banking ?

Bill of exchange, also called draft or draught, short-term negotiable financial instrument consisting of an order in writing addressed by one person (the seller of goods) to another (the buyer) requiring the latter to pay on demand (a sight draft) or at a fixed or determinable future time (a time draft) a certain sum.

Why Bill of Exchange used ?

Bill of exchange, also called draft or drought, short-term negotiable financial instrument consisting of an order in writing addressed by one person (the seller of goods) to another (the buyer) requiring the latter to pay on demand (a sight draft) or at a fixed or determinable future time (a time draft) a certain sum.

What are Bill of Exchange Feature ?

1. ·         It is an instrument in writing.
2. ·         It contains an unconditional order to pay. ...
3. ·         It mainly involves three parties: Drawer, Drawee and Payee. ...
4. ·         The Parties to bills of exchange must be certain.
5. ·         The Drawer (a.k.a the Maker) must sign the bill.
6. ·         The amount of money to be paid must be certain.

Bill of Entry 

Noun. bill of entry (plural bills of entry) An account of goods entered at a customhouse, of imports and exports, detailing the merchant, quantity of goods, their type, and place of origin or destination. It is issued by the customs presenting the total assigned value and the corresponding duty charged on the cargo.

Who Issue Bill of Entry ?

Bill of entry. A declaration by an importer or exporter of the exact nature, precise quantity and value of goods that have landed or are being shipped out. Prepared by a qualified customs clerk or broker, it is examined by customs authorities for its accuracy and conformity with the tariff and regulations.

Who has fill up Bill of Entry ?

Bill of Entry is a legal document to be filed mandatory. Either an importer or a Customs House Agent (CHA) appointed by him can file bill of entry. In order to import any goods to India, an importer has to obtain IEC – Import Export Code – from Director General of Foreign Trade – DGFT.

Who gives Bill of Entry ?

A Bill of Entry also known as Shipment Bill is a statement of the nature and value of goods to be imported or exported, prepared by the shipper and presented to a customhouse.

What is Currier Bill of Entry ?

The simplified procedure for filing Courier Bills of Entry does not apply to all goods. The regulations stipulate that for certain categories of imports, a regular Bill of Entry prescribed in the Bill of Entry (Forms) Regulations, 1976 is to be filed.

What is IGM for Bill of Entry ?

The filing of such details of cargo is called IGM filing (Import General Manifest filing). The procedures to file IGM (Import General Manifest) are done by the carrier of goods or his agent. Normally IGM is filed on the basis of Bill of Lading or Airway bill, issued by the carrier.