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Question 1. Can you submit assignment in any study centre ? Answer : No you can not submit assignments in any study centre. You must submit assignments to study centre where you are enrolled. Because marks can be updated from your enrolled study centre only. If you submit assignments some other studRead more
Question 1. Can you submit assignment in any study centre ?
Answer : No you can not submit assignments in any study centre. You must submit assignments to study centre where you are enrolled. Because marks can be updated from your enrolled study centre only. If you submit assignments some other study centre then they won’t be able to update your marks.
Question 2. Can you get IGNOU ID from any study centre in India ?
Answer: ID Cards are issued by regional centre only. You will either receive your ID Card via Post or you have to visit your regional centre to get the ID Card.
You can also download IGNOU ID Card online but you will have to visit regional centre to get it attested and stamped from regional centre authority otherwise it will be considered invalid.
How to download IGNOU ID Card Online ? – KHOJINET
Procedure of Custom Clearance: Section 45-49 of the Customs Act,1962, lays down a specified procedure and formalities to be followed for getting customers clearance. Unloading of Imported Goods The Customs Act, 1962 provides that the incharge of the carrier having custody over imported goods is undeRead more
Procedure of Custom Clearance: Section 45-49 of the Customs Act,1962, lays down a specified procedure and formalities to be followed for getting customers clearance.
Unloading of Imported Goods
The Customs Act, 1962 provides that the incharge of the carrier having custody over imported goods is under obligation to unload the goods in a custom approved area.
The goods after unloading cannot be handed over to the actual owner of the goods but are transfered into the custody of the Port Trust Authority or any other Competent agency/person as approved by the Commissioner. The goods listed in the IGM are allowed to be unloaded in the presence of officer of customs. The custodian of the imported goods is under obligation to.
i. Keep a record of imported goods and also send a copy of the list of goods to the Proper officer of Customs.
ii. Handover the goods to the actual claimant of presentation of documents granting permission by the customs.
Presentation and Noting of Bill of Entry B/E
The Bill of Entry can be presented by the importer in prescribed form to the competent and proper officer in the import department either for its clearance for home consumption i.e. to take the goods where they are needed or can transfer them to an approved public warehouse.
Capital Goods intended for use in any hundred per cent EOU export oriented unit can be deposited in a warehouse for a period of 5 years. The period for purpose of warehousing for other categories of goods is one year.
The Bill of Entry B/E must contain all goods mentioned in the Bill of Lading B/L or any other document as issued by the carrier to the consignr of goods on board the carrier.
The Bill of Entry can be presented after the delivery of the IGM / IR by the incharge of the carrier. However it can be submitted before the submission of IGM provided the carrier by which the imported goods have been shipped for importation into India is expected to arrive within 30 days from the date of presentation of IGM/IR.
Processing of Bill of Entry
Physical Examination of Goods
a) The Dock Superintendent marks the paper to one of the Inspector for physical examination of goods on a random basis, as per Examination order is given by the Appraising Officer A/O.
b) The contents of the package are checked as per description and information given in the Bill of Entry. The classification, value, composition and functional aspect of the item is also checked. If need be the samples are also drawn and sent to the laboratory for the check and report.
c) The quantity as per packing list is also checked and the excess or deficiency if any is recorded.
d) The examiner writes his report on the Bill of Entry and it is also countersigned by the Dock Superintendent who makes “Out of Charge order” endorsement.
e) The documents are handed over to the Manager/Security officer inchargs of the Port authority in whose custody the goods were kept after their unloading. He ensures on scrutiny of documents about any changes/ demurrages, if any to be paid by the importer.
f) The Importer/CHA deposits the same with cash department and same is recorded on the bill of entry as a proof of payment.
g) The Manager/security officer after seeing the fact of payment makes an endorement ‘goods released’. This is also known as Release order.
h) Against the “Out of Charge” order given by the customs and “Release order” given by the Port authority goods are cleared out of the customs area.
The above procedure is known as check second i.e. documents are first examined, goods are appraised to duty and physical examination is done, thereafter over 95% of the consignments are subject to check second system.
Where Appraising officer is not able to identify the goods properly or there is not sufficient information about the composition/functions/classification of the goods in question the A/O marks the papers to Dock Superintendent for their physical examination. This is known as check first system.
Confiscation of Goods
At any of the stage mentioned above, it is notified that the goods are prohibited goods or the importer has intended to import in violation and contravention of the provisions of the relevant Acts in operation, penal procedings may have to be initiated and the goods are liable to confiscation in terms of section 111(d). The discretion lies with the adjudication authority to allow their release to the importer on payment of a fine or to confiscate them.
Forward contracts are binding agreements to buy or sell an asset at a specific price on a specific date. For example, two parties may agree to trade 1,000 ounces of gold at $1,200 per ounce on Sept. 1. One party to such an agreement will have an obligation to buy, and the other will have an obligatiRead more
Forward contracts are binding agreements to buy or sell an asset at a specific price on a specific date. For example, two parties may agree to trade 1,000 ounces of gold at $1,200 per ounce on Sept. 1. One party to such an agreement will have an obligation to buy, and the other will have an obligation to sell. Such contracts can involve practically anything of value, including stocks, bonds, foreign currencies, agricultural commodities such as corn or soybeans, and valuable metals, including gold and silver. The asset that changes hands is referred to as the underlying asset, or simply “the underlying.” Forwards are traded over the counter.
A currency option gives the holder the right-but not the obligation — to buy or sell an asset at a specific price on a specific date. A curreny option represents the right to buy, while a put option represents the right to sell. A currency option on 1,000 shares with a strike price of $100 and an expiration date of Aug. 27 allows the option holder to buy 1,000 shares at $100 each on Aug. 27. If the market price of the stock is $110 per share, it makes sense to exercise this privilege, because you can then sell the same shares at $110 for an immediate profit. If the stock can otherwise be purchased for $90, however, the holder would not exercise the call — hence the name currency “option.”
The forward rate and spot rate are different prices, or quotes, for different contracts. The forward rate is the settlement price of a forward contract, while the spot rate is the settlement price of a spot contract. A spot contract is a contract that involves the purchase or sale of a commodity, seRead more
The forward rate and spot rate are different prices, or quotes, for different contracts. The forward rate is the settlement price of a forward contract, while the spot rate is the settlement price of a spot contract.
A spot contract is a contract that involves the purchase or sale of a commodity, security, or currency for immediate delivery and payment on the spot date, which is normally two business days after the trade date. The spot rate, or spot price, is the current price of the asset quoted for the immediate settlement of the spot contract. For example, say it’s the month of August and a wholesale company wanted immediate delivery of orange juice, it will pay the spot price to the seller and have orange juice delivered within 2 days.
Unlike a spot contract, a forward contract is a contract that involves an agreement of contract terms on the current date with the delivery and payment at a specified future date. Contrary to a spot rate, a forward rate is used to quote a financial transaction that takes place on a future date and is the settlement price of a forward contract. However, depending on the security being traded, the forward rate can be calculated using the spot rate. For example, say a Chinese electronic manufacturer has a large order to be shipped to America in one year. The Chinese manufacturer engages in a currency forward and sells $20 million in exchange for Chinese yuan at a forward rate of $0.80 per Chinese yuan. Therefore, the Chinese electronic manufacturer is obligated to deliver 20 million dollars at the specified rate on the specified date, six months from the current date, regardless of fluctuating currency spot rates.
Don't worry, You can give 1st Semester exam with 2nd Semester in December. What you need to do ? If you have submitted assignments already for 1st semester then you don't have to submit again. Fill the exam form in September-October and fill 1st Semester subjects along with 2nd Semester subjects. YoRead more
Don’t worry, You can give 1st Semester exam with 2nd Semester in December.
What you need to do ?
Basic Principles of ECGC Operations: Export Credit Guarantee Corporation of India works on two basic principles as detailed below: 1. Spread of Risk 2. An exporter is a Co-insurer 1. Spread of Risk: All exporters are required to insure all the shipments that are likely to be done by loan during theRead more
Basic Principles of ECGC Operations: Export Credit Guarantee Corporation of India works on two basic principles as detailed below:
1. Spread of Risk
2. An exporter is a Co-insurer
1. Spread of Risk: All exporters are required to insure all the shipments that are likely to be done by loan during the next two years. To avoid undue difficulty to the exporters certain exceptions as under have been made against.
i advance payment
ii irrevocable letter of credit confirmed by banks in India.
Shipments made to agents and associates may also be excluded.
When an exporter handles and deals in different categories and types of goods he may exclude those items that are not allied to the main export items. The idea is not to allow an exporter to pick and choose only the bad risks for reduction of the premium he has to pay to obtain the policy. When everything is in general way than the premium is little low. However, the exporter is take political cover for transactions to under this clause.
An Exporter is a Co-insurer
Export Credit Guarantee Corporations only reimburses losses suffered by an exporter who has obtained its policy maximum upto 90% of the losses on account of political or commercial risk. In the event of loss due to repudition of contractual obligation by the buyer ECGC indemnifies the exporter upto 90 percent of the loss. In such situations a final and enforceable degree against the overseas buyer is obtained in a competent court of law in the buyer’s country. The corporation at its discretion may waive such legal action worthwhile against the buyer if that thinks that such a costly action is not exporter and in such cases losses to the exporter are indemnified upto 90 percent, the balance loss will have to be born by the insurer exporter. This is necessary to ensure that the exporter acts more prudently as under:
i) The exporter also takes necessary precaution in selecting the parties to which he may decide to export.
ii) He may not over extend the credit.
iii) He may take all possible care to minimize the risk involved.
Apart from these two basic principles, ECGC being a insurer in insurance business, also follows three basic principles of insurance as under:
i) Export Guarantee Corporation Contracts are contracts of good faith which means that non-disclosure of a material fact will render the contract void. In other words the exporter is bound to disclose every material fact within his knowledge to the ECGC which may adversly affect the ECGC. Again any material alteration of the risk arising between the date of the proposal and the issue of the policy must be disclosed to the ECGC.
ii) The insurer is duty bound to minimise the loss. He should conduct his business with ordinary prudence and deligence and act as uninsured. The action that needs to be taken depend on the facts and circumstances of the case.
iii) Under the principles of subrogation ECGC steps into the shoes of the exporter. If recoveries are made after the payment of claim by ECGC, they are shared with the ECGC in the same proportion in which the loss was borne.
Procedure for Making a Claim
All claims arising out of loss, or non-payment have to lodged with the ECGC for payment of the claim amount as per the terms of the insurance policy. A claim will arise when any of the risks insured under the policy materializes. If an overseas buyer goes insolvent the exporter becomes eligible to lodge a claim with ECGC after one month and if his claim is admitted by ECGC to rank against the insolvent’s estate it will be paid after one month or after four months of the due date of payment whichever is earlier.
Claims in respect of additional handling, transport or insurance charges incurred by the exporter because of interruption or diversion of voyage outside India are payable after the proof of loss or submitted to the ECGC with supporting documents, it shall be paid on verification after four months from the date of the event causing loss.
In exports to countries where long delays are experienced ECGC may extend the waiting period and the claims for such losses due to shipment of goods shall be payable only after the extended period is over.
When a buyer refuses to accept goods shipped to or refuses payment because of differences over fulfilment of the terms of contract by the exporter, counter claims or set of. In such cases ECGC considers the claim preferred on it but considers these claims after the dispute between the parties is resolved and the amount payable is established by obtaining a case in a court of law in the country of the buyer.
This condition is waived off in cases where the corporation is satisfied that the exporter is not at fault and that no useful purpose would be served by proceeding against the buyer.
Procedural Formalities: The ECGC has preseribed three types of claim forms as given under:
Form No. 501 for claims arising out due to non-payment of goods accepted by the buyer.
Form No. 502 for claims arising because of the non-acceptance of goods/document by the buyer.
Form No. 503 for claims on account of delay in transfer of funds to India.
Other kind of claims can be fitted by means of a letter giving full particulars of the cause and extent of loss. The claim forms have to be sent through the bank and only to the ECGC office which issued the policy. No claim
will be entertained by the ECGC if it is not filed with in a period of 24 months from the date of the concerned bills.
Documents in Support of Claims
Every claim has to be filed in the prescribed appropriate form and supported by documents as listed below:
a) Certified copy of the export order.
b) Certified copies of Invoices.
c) Certified copies of bills of lading.
d) Copies of the correspondence with the buyer.
e) In case of insolvency of the buyer copy of the letter from the official receiver/liquidator admitting the claim.
f) In case of protracted default.
i) Protest note
ii) Original unpaid bills
iii) advice of non-payment received from the bank. A copy of the plaintiff if a such has been files.
g) In case of transfer delays, certified copy payment advice received from the collecting bankers indicating the date on which payment was made by the buyer.
Obligation of the Policy Holder of ECGC Policy
ECGC policy holder of ECGC insurance policies are under obligation to the ECGC on the following:
1. Declaration of Shipment: An exporter who has taken a shipment policy has to send till the fifteenth of every month a declaration of shipments in the previous month in the prescribed form No.203. An exporter who obtains a contract policy has to send a declaration of all outstanding contract immediately after the policy is issued. Thereafter he shall send a monthly declaration of contracts concluded and shipments made by him during the previous month. Premium has to be paid along with the declaration at rates shown in the schedule attached to the policy.
2. Fixation of Credit Limit to Each Buyer: Under the ECGC policy the commercial risks are covered subject to a limit of a buyer as fixed by ECGC credit limit is the limit up to which a claim can be made or paid under the policy for losses on account of commercial risks, in the absence of credit limit such claims are not covered by the ECGC. A policy holder for sanction of credit limit in case of each individual buyer separately in form No. 144, before making shipments to the buyer. If necessary information requiring the buyer and the forms of contract are provided it will be easier for the ECGC to fix the credit limit for a buyer in time. ECGC obtains credit worthiness information about the buyers through banks and credit rating agencies. If the policy holder has credit raiting information about the buyer, he should pass on this information to ECGC so as to have an early fixation of credit limit of the buyer. If for some reasons the exporter requires an enhancement in buyer’s credit limit he should provid necessary information in form 144A.
3. Recording Default: A Policy holder needs take to a very prompt action in case non-payment by a buyer on due date or on presentation of Bill of Exchange. He has to submitt a monthly declaration of all bills which remain unpaid for more than 30 days in the prescribed form No. 205, indicating action taken by the policy holder in regard to collecting the payment. The policy holder with the prior approval of ECGC can grant extension of time for payment or converting bills from Drawn Against Payment DP) to Drawn Against Acceptance DA.
Processing of an export order needs a lot of effort and attention as to products to be exported, the capacity of production available with the producer, availability of raw material, machine time, labour time and the required amount of finance the export order. The process involves lot of preparatioRead more
Processing of an export order needs a lot of effort and attention as to products to be exported, the capacity of production available with the producer, availability of raw material, machine time, labour time and the required amount of finance the export order. The process involves lot of preparation and lot of government approvals and help.
The most common form of export order is the performa invoice which is sent by the exporter who accepts it, signs it and send it back to exporter for its processing and send a Letter of Credit when gives all the details of the purchase order. Once, the Letter of Credit is established by the importer the supplier is ready to process the order and can also get bank credit on the basis of letter of credit.
These are three schemes of inspection for export goods as under: i Consignment-wise Inspection
ii In-process quality control by export worth units
iii Self-certification by approved export houses.
Receipt of an export involves the following steps:
a) Receipt of Performa Invoice duly accepted by the importer and signed with stamp.
b) Purchase order accepted and signed by the exporter.
c) Letter of Credit opened by the importer in favour of the exporter.
The export order or the sales contract has to have complete details.
Examination of the Export order
An export order will not be deemed to be complete unless it has the following details:
a) Product description, specifications style, colour and packing conditions governing the order.
b) Marking and Labelling requirements.
c) Terms of payment including currency, nature of Letter of Credit. (only Irrevocable preferred)
d) Terms of Shipment including choice of carrier place of delivery, date of Shipment/delivery port of Shipment and Trans-Shipment, if any.
e) Inspection requirement, type of inspection, the inspection agency.
f) Insurance requirement including risk to be covered and insurable value (Applicable only in case of FOB terms and in the case of CIF terms the cost of freight and insurance shall be born by the exporter).
g) Details of documents required for release of payments and the number of copies of each document required.
h) Last date of negotiation of document with the bank.
Examination of the export order is very necessary for fulfilment of all contractual obligations.
Confirmation of the receipt of export order can be made by letter, fax, telex, e-mail or even telephone if not specified in the contract.
When an exporter receives an export order he has to make a lot of efforts to organise the activity if he is a manufacturer exporter he sends a delivery note along with the copy of export order which give the quality, quantity, specifications, marking, labeling, inspection details to the production department simultaneously ties up the raw materials practising materials. A merchant exporter starts procurring the goods through reliable vendors as per the given specifications.
Then the goods are ready for packing a pre-shipment inspection is carried out by the Export Inspection Agency on receipt of notice along with technical specification, which in turn issues a certificate of Inspection in triplicate, and then the goods needs to be cleared by the Central Excise Authorities, who on receiving the application for excise inspection and issue certificate on form AR4/AR5 in six copies, then the goods are packed and sealed before removal of goods, after this the goods are handed over to the carrier either a road transport or Railways, and the relevant receipts along with other documents are sent to the clearing and forwarding agent for onward shipment.
Mixed forms of religion contain certain elements of both simple and complex forms. Typically, this form of religion is without history e.g. Hinduism. The doctrines of Hinduism, unlike those of Christianity and Islam, are not embodied in any one sacred book, nor does Hinduism have a single historicalRead more
Mixed forms of religion contain certain elements of both simple and complex forms. Typically, this form of religion is without history e.g. Hinduism. The doctrines of Hinduism, unlike those of Christianity and Islam, are not embodied in any one sacred book, nor does Hinduism have a single historical founder. It is rich in contradictions, there being no particular belief or institution common to all Hindus.
Hinduism, lacking a centralized Church, is inextricably enlarged with the Hindu society, especially the caste system. The caste system, according to Rigveda has a divine origin, and is derived from the four varnas-Brahmanas, Kshatriyas, Vaishyas, Sudras. In reality, however, there are innumerable jatis/castes, each of which claims to belong to one of the four varnas.
Hinduism does not have a body of clearly defined dogma, but some theological ideas may be considered basic. The character of any incarnation, human/animal, is influenced by karma, the net balance of good and bad deeds in previous births. Goodness or badness is defined by reference to dharma. The reward for a saintly life is moksha, which releases the individual from the chain of births and deaths and brings him into contact with God. The ideas of karma, dharma, moksha are intimately related to the caste system. Dharma is thus identified with the duties of one’s caste. The ways of achieving moksha are through knowledge, deeds, love and devotion towards God. It was Bhagvad Gita that first emphasized the ways of work and devotion
Anomie is a condition of normlessness. People in modern society move about too rapidly to be bound to the norms of any particular group. Many a times the individual does not know which norms to follow, whether to follow the norms of the family or of the school. Anomie arises from the confusion and lRead more
Anomie is a condition of normlessness. People in modern society move about too rapidly to be bound to the norms of any particular group. Many a times the individual does not know which norms to follow, whether to follow the norms of the family or of the school. Anomie arises from the confusion and lack of clarity of norms.
In the words of R.K. Merton, “Anomie may be conceived as breakdown in the cultural structure occurring particularly when there is an acute distinction between cultural norms and goals and the socially structured capacities of members of the group to act in accordance with them.” Merton argues that deviance result not from ‘pathological personalities’ but from the culture and structure of society itself. Merton distinguishes between two key elements of the social structure : the goals and rewards which are recognised as appropriate and commendable objects for individual striving, the attainment of which confers status, and those methods of achieving them which are regarded as legitimate. The structural pressures towards deviance arise from discrepancies between culturally determined goals. On the one hand, and the availability of legitimate means for attaining them on the other.
‘Cultural goals’ refer to those rewards, objectives and ambitions which the individual is encouraged to regard as worthwhile ends through socialization. Complimentary to these goals are the prescribed means of achieving them which Merton calls institutionalized means. In Merton’s words. ‘The social and cultural structure generates pressure for socially deviant behaviour upon people variously located in that structure’. Taking contemporary American Society as an example, Merton says that it is becoming more anomie because there has been high stress on goals such as monetary success and unlimited social climbing, without an adequate provision of legitimate means of achievement. Following Durkheim, he defines anomie as a breakdown in the cultural structure, occurring particularly where there is an acute disjunction between cultural norms and goals and the socially structured capacities of members of the group to act in accord with them.
Production, a socially defined activity, involves producing those objects which are deemed valuable by the society. Thus it is the society which determines what is valuable and what is to be produced. A product, thus, is an object which is socially valuable. It has value in use and value in exchangeRead more
Production, a socially defined activity, involves producing those objects which are deemed valuable by the society. Thus it is the society which determines what is valuable and what is to be produced. A product, thus, is an object which is socially valuable. It has value in use and value in exchange.
Production and Social Factors : Human beings are in the process of social production which includes society, culture, religion, economic production and they are linked with economic production. Nature also plays role in affecting the type of social relations that get develop in any kind of society. Since production is a social activity, people enter into definite relations during the production process which are guided by the ownership rules of the resources.
An illustration is provided in the case of Mundas of Ranchi district in Jharkhand. Traditionally these tribals practised slash and burn agriculture, that is cultivating on the patch of forest land which was cleared by burning. The anthropologist N.K. Bose has extensively written about the land rights and social organisation among the Mundas. Due to their contact with the Britishers, middle men called Khunt Kattidars from outside the tribe, entered the social scene. They exercised absolute rights over the land and thus weilded considerable political powers.
Aspects of Land Rights: Thus the land rights among the Mundas got modified as they came under different political control. The Khunt Kattidars paid annual rents to the jagirdars and kings.
Social Aspects of Production: Consequently Munda land rights diminished and they were impoverished. Each society produces the object that is considered valuable in its own context and is termed as a product. A product has value in use and exchange value. It is important to note that an object regarded as a product in a particular society may not be so in another society e.g. cow dung in India which has use value as fuel and are bought and sold, is not considered valuable in another society.
Services and Production: Apart from those who are directly involved in the production process, it is important to take into account the services to those who appear seemingly unconnected with the production of goods while calculating the total production of goods, e.g. services of clergymen, professors, artists etc. There are some services which remain outside the review of production.
Women and Production: Unpaid work particularly that of a woman in the domestic sphere is largely ignored, yet such work is just as necessary to the economy as paid employment. It has been estimated that housework is equivalent in value to about a third of the total production per year in a modern economy. The housework is patently work, as exhausting and demanding as most types of industrial labour, yet the housewife’s productive activity is concealed. This reveals an inherent gender bias in the society.
Technology and Production: Technology is an important aspect of production which along with the social structure and culture of that society determines the level of production
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