{"id":291,"date":"2020-04-09T08:06:36","date_gmt":"2020-04-09T08:06:36","guid":{"rendered":"https:\/\/sudhirkumarjain.com\/shop\/?p=291"},"modified":"2020-04-09T08:06:36","modified_gmt":"2020-04-09T08:06:36","slug":"insurance-issue-of-the-week-12-marine","status":"publish","type":"post","link":"https:\/\/sudhirkumarjain.com\/shop\/insurance-issue-of-the-week\/insurance-issue-of-the-week-12-marine\/","title":{"rendered":"Insurance Issue of the week -12 (Marine)"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<strong>Preparation\/Raising\u00a0 of Invoice for Third Country Exports under Marine Insurance <\/strong><\/p>\n<p>Now-a-days, it is a common practice that Indians are importing the material from other countries , especially from China , shipped from that country and further exported to other countries, through \u201cHigh Seas Sale\u201d , by raising the invoice from India. It is seen that the Indian invoice, shows the basic price at which the material is sold &amp;<sub>\u00a0 <\/sub>the\u00a0 freight plus\u00a0 insurance charges are also shown separately. It is a wrong practice followed by the Indian Exporters, as per <strong>Foreign Exchange Management (Insurance)Regulations, 2002 AP (DIR Series) Circular no 18 (Sept 12,2002)<\/strong> and Committed countries agreement. Under this agreement; the importing country Trader cannot buy insurance from any other country, which is very obvious from the invoice; where the insurance charges are shown separately. Since such type of claims will arise only in foreign countries , the Surveyor of that country may raise an objection and claim settlement may become very difficult. Similarly FEMA Rules 2002 of India; also prohibits taking the insurance from other countries. Basically, any law of committed countries; do not permit\u00a0 transfer of foreign currency , to other committed countries on account of insurance without the permission of their countries. Hence, it is suggested that the insurance charges should not be shown separately in the invoice; rather these charges should be made a part of basic cost of the exported goods.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Preparation\/Raising\u00a0 of Invoice for Third Country Exports under Marine Insurance Now-a-days, it is a common practice that Indians are importing<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-291","post","type-post","status-publish","format-standard","hentry","category-insurance-issue-of-the-week"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/comments?post=291"}],"version-history":[{"count":1,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/291\/revisions"}],"predecessor-version":[{"id":292,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/291\/revisions\/292"}],"wp:attachment":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/media?parent=291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/categories?post=291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/tags?post=291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}