India is the largest exporter of rice in the world, behind many other countries.
Like India, rice exporting countries are China, Thailand and Vietnam.
About 500 tonnes of rice was recently exported from India to Vietnam.
Even after the exported ship reached Vietnam, the exporter was unable to send the documents to the importer's bank on time.
There was a bank holiday for 5 consecutive days in Vietnam after he sent the documents.
Despite being in the cargo port, the importer was unable to get the documents on time and could not pick up the item due to the exporter’s delay and bank holiday in Vietnam.
The importer was thus forced to pay the penalty.
The importer told the exporter that he was not responsible for this and advised him to accept the penalty cost.
Realizing that he was at fault, the exporter accepted a fine of one hundred dollars per ton.
The result was loss instead of profit.
This shows that if it is important to send the goods on time for export, it is more important to send the documents to the importer bank on time.
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