Customs Shipping and Insurance Solved Assignment NMIMS 2023
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Q1. You have started your own import export business with good financial background. You also have a good team of friends as partners who have good experience in shipping, freight forwarding and customs clearance. Your company has been invited to fill one tender for one project export from Mumbai to Singapore which is nearly a ship load of goods. Please discuss with your team and suggest a suitable charter for this job. (10 Marks)
Q2. You have joined as a Head of Insurance section of one Construction Company. This company carries out turn key projects all over the world. Your company got a contract to erect a tower in Kolkata and all goods and manpower have to be sent from Mumbai. You also have to hire some expensive machines from third parties to complete this project. Please suggest a suitable insurance policy to your company to carry out this project. (10 Marks)
Q3. An importer imported 50 Laptops from U S on FOB basis. During the examination of consignment the customs broker found that the boxes were in damaged condition and 5 laptops are missing. The importer is your friend and is asking:
a. whether he has to pay duty for the missing 5 laptops (5 Marks)
b. how will he get the insurance claim for these missing 5 laptops (5 Marks)
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June 2023
1. During an interview with a Shipping company your interviewer asks you to explain the Section 106 of The Customs Act 1962 as it pertains to any conveyance. Please give your answer in a simple language.
2. You are handling cargo insurance of your company. Your company has imported one consignment. You have received a mail from the shipping company stating that your consignment has been thrown into the sea to lessen the weight and save the ship and other goods. Shipping company informs that your loss will be compensated. Your company received this new with shock and asks you under which clause this can take place. Explain this clause in marine insurance policy to the management.
3. Your customs clearing agent (now customs broker) asks your advice whether to clear your imported consignment under First check or second check. Give your advice on the following:
a. What is first check and second check?
b. Which one you will advise to your customs clearing agent and why?
Dec 2022 Assignment Solution
Q1. Your Company has got a big project for which many items have to be moved from Singapore to Mumbai by sea. As there are multiple items and have to come together to Mumbai company wants to hire a ship to move the entire goods. Kindly suggest a right type of charter and support your decision of selection with suitable explanation. (10 Marks)
Q2. Your company has imported one consignment by sea but did not clear it on time due to some errors in the documents. The customs clearing agent bill was very high and the reason was given as Demurrage charges. Management asks you to explain what demurrage charges is and how it can be avoided in future. Please suggest best method to avoid demurrage charges. (10 Marks)
Q3. Your company is carrying import export business. Customs found some discrepancy in one of the imports and summoned your company to produce documents and be present for enquiry under Section108 of the Customs Act 1962. Your department head asks you to explain the following so that they can take suitable action on this summon.
- What is Section 108 of the Customs Act 1962 and the points under this section (5 Marks)
- What are the responsibilities of the company when such summons are issued (5 Marks)
June 2019 Solution
Q1. Your company has imported one consignment of laptops consisting of 200 boxes. However, while checking in the customs you have observed that 5 boxes are missing. They may be either pilfered or lost in transit. Your company does not want to pay customs duty for the missing boxes and asked you to check the Customs Act 1962 for the rules and get abatement. You need to check the customs act 1962 and advise the company accordingly.
Please explain how will you handle this case with respect to customs act 1962. You need to provide the section of the customs act for this while explaining to your management. (10 Marks)
Q2. You have imported one LCL consignment of Musical instruments of 25 boxes on FOB basis. You have observed a shortage of 2 boxes. Your exporter informs that he has exported the entire quantity and shows the proof in bill of lading. Now You cannot claim the loss from the exporter. However, you have insured the consignment.
Your company asks you file an insurance claim for the shortage. How will you proceed on this to get the insurance claim? Please explain in details so that your management is happy to know your experience. (10 Marks)
Q3. After finishing your Post graduate diploma, you have been selected for a job as Import & Export Executive on campus selection. The interviewers asked the following questions:
a. How many sections and how many chapters are in the Customs tariff? Whether all chapters are active or is there any chapter left un used (5 Marks)
b. Which tax system has been replaced by GST in imports? (5 Marks)