Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Payment for imports without bill of entry.

Uday G (Business) (254 Points)

17 December 2013

A company in India is purchasing machinery from Dubai.

Dubai company makes invoice on Indian company and dispatches the goods to Germany as per agreed terms.

Indian company invoices on German Company and received money from German company.

Now, to make the payment from Indian company to Dubai company bill of entry is not available since the machinery is directly dispatched to Germany.

Is there any other way to make this payment.?

Please suggest.

Reply
Follow
Share

7 Replies

NOUFAL (ACCOUNTANT) (762 Points)
Replied 17 December 2013

This type of sale is called as "High Sea Sales". Here you can make payment to the party by using the High sea agreement, and your buyer bill of entry copy submitting in bank.....

for more details you can contact with your bank.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

NOUFAL (ACCOUNTANT) (762 Points)
Replied 17 December 2013

Documents required for import clearance under high sea sale

Please find below the requirements of documents under high sea sale.

1. High Sea Sale Agreement entered between high sea buyer and high sea seller before arriving cargo at territorial jurisdiction of importing country.
2. Sale Invoice in local currency of importing country
3. Consignee Copy of Bill of Lading duly endorsed in favor of high sea buyer by transferring title of goods to him.
4. Import Invoice originally issued by first seller endorsed by high sea seller in favor of High Sea Buyer
5. Import Packing List issued by first seller endorsed by high sea seller in favor of High Sea Buyer
6. Certificate of Origin endorsed by high sea seller in favor of High Sea Buyer
7. Insurance Certificate-Duly Endorsed by high sea seller in favor of High Sea Buyer in favor of High Sea Buyer

You may also read other articles about high sea sale in this website to have a clear idea about high sea sale business.

1 Like