Mate receipt in export. What are the documents needed in an Export Trade? 2022-11-06

Mate receipt in export Rating: 6,3/10 1607 reviews

A mate receipt, also known as a mate's receipt or mate's certificate, is a document issued by the mate (a senior deck officer on a merchant ship) that serves as proof of the receipt of goods being shipped overseas. The mate receipt is a crucial document in the export process, as it serves as evidence that the goods have been received on board the vessel and will be shipped to the designated port of destination.

The mate receipt is typically issued at the time of loading, when the mate inspects the goods and verifies that they are in good condition and ready for shipment. The mate receipt includes important information about the goods being shipped, such as the type and quantity of goods, the name and address of the shipper and consignee, and the port of destination. It also includes the signature of the mate, who is responsible for the safe and timely delivery of the goods.

The mate receipt is an important document for both the shipper and the consignee, as it serves as proof of the transfer of ownership of the goods and helps to protect the interests of both parties in the event of any disputes. For the shipper, the mate receipt serves as evidence that the goods have been delivered to the vessel and will be shipped to the designated port of destination. For the consignee, the mate receipt serves as evidence that the goods are on their way and will soon be delivered to the designated port of destination.

In addition to serving as proof of receipt and transfer of ownership, the mate receipt also plays a critical role in the financing of international trade. Many banks and financial institutions require a mate receipt as collateral when providing trade financing to exporters. This helps to ensure that the goods being financed are actually shipped and delivered to the designated port of destination, and helps to reduce the risk of fraud or non-payment.

In conclusion, the mate receipt is a vital document in the export process, serving as proof of receipt, transfer of ownership, and financing of international trade. It is essential for both the shipper and the consignee to ensure that a mate receipt is issued and properly documented in order to protect their interests and facilitate the smooth and successful shipment of goods overseas.

12 Steps Involved in the Processing of an Export Order

mate receipt in export

Qualified Mate Receipt:The Qualified Mate Receipt shows that the cargo at the time of its receipt on Board was not in perfect condition. Income tax verification certificate from the Income tax authorities. It is a prima facie evidence that goods are loaded in the vessel. Hence, a seal number is an important piece of information used for container identification. It was at this point, 44 countries took initiate to hold discussions to solve this problem under the leadership of J. The clearance for export is given on the Shipping Bill. The shipping company issues a shipping order which contains instructions to the captain of the ship to receive the specified quantity of goods from the exporter mentioned therein.

Next

Mate Receipt

mate receipt in export

Shut-out Advice:No Shut-out Notice is to be filed. Every airline issues its own bill for receiving the goods. Functions of World Bank : 1. To provide insurance cover to investors against political risks. At the port, he has to fulfill customs formalities. Export invoice : Then the exporter prepares a commercial invoice for the goods sent to the importer.

Next

What Is a Mate’s Receipt & What Is it Used For?

mate receipt in export

In case, the importer wants to make use the service of an indent house, he enters into an agreement with the indent house for the supply of specified goods. Over the years, different organisations have been set up under the banner of World Bank namely. Some declarations which are material to the transaction have also been given in the standard form. It is a prima facie evidence that goods are loaded in the vessel. Obtaining foreign exchange : After obtaining the import license, the importer has to procure the necessary amount of foreign currency of the country from which he intends to import the goods. The Central Excise and Sale Act of India and the related rules provide the refund of excise duty paid.

Next

Explain the meaning of Mate’s receipt. from Business Studies International Business

mate receipt in export

Importer can gather information about exporters from the trade directors, and or trade associations and organisations. It serves the industry by organising trade fair, and exhibitions both within and outside the country, helping export firms participate in international trade fairs and exhibitions, developing exports of new items, providing support and updated commerical business information. The consignor or consignee can make the bill of lading transferable either by a special endorsement or by blank endorsement. How does Wire transfer work in international business? The original copy is for the customs verification. The same is noted in the bill of Lading, the bill of lading mentions whether the freight has been paid or not. The exporter obtains this certificate and sends it to the importer.


Next

HOW TO EXPORT webapi.bu.edu

mate receipt in export

In order to obtain export license, the exporter must apply to the controller of Exports and Imports in the prescribed form along with a challan from the Government Treasury. Treasury Receipt from the Reserve Bank of India, 2. If no specific proforma is prescribed then it can be in a generic form. When the quantity of goods to be exporte is very larger, the exporter may hire the whole. He submits to Shipping Company and requests it to issue the Bill of Lading.

Next

Explain the meaning of mate's receipt.

mate receipt in export

The captain or commanding officer of the ship issues the Mate's Receipt. The Controller of Imports and Exports, after scrutinising these documents, issue the import license in duplicate. Generally an export order may take the form of proforma invoice or purchase order or letter of credit. Packing list should contain information such as invoice number and date, names of exporter and importer, country of origin and country of final destination, marks and number of containers, description of goods, quantity, etc. If there are adverse remarks in the mate's receipt.

Next

Define mate's receipt.

mate receipt in export

The exporter may design his own form. Having being satisfied with these, the export order is confirmed by the exporter. Mate receipt serves as a documentary evidence of cargo loaded on the vessel, and it contains date of sailing. I Shipping bill number and date. If it is not discounted then it is sent to the bank along-with the documents attached, with the instructions to send them abroad for collection. More importantly, it contains adverse remarks about the cargo and also certifies that the shipping company is not responsible for any damage caused to the cargo during transit.

Next

Importance of Mate Receipt

mate receipt in export

Contents of Export Packing list How to prepare Purchase order Transferability of Bill of Lading Travelers to India under import duty exemption, Frequently Asked Questions Part 2 Triangular export Triangular shipment Types of Insurance Documents. Under this arrangement, the bank agrees to honour the bill of exchange drawn upon it by the exporter upto the specified amount. The customs authorities retain one copy of the shipping bill and return the other copies together with the export license and G. This receipt specifies the conditions of the item. How to send export samples to foreign buyer? The charge represents the cast of services rendered by the dock authorities in connection with the landing of goods.

Next