There are cheaters and deceivers all over the world.
Due to the interest in the export import business, many people are deceived without understanding the business properly.
We are going to look at how 10 exporters in the export industry have been duped over the years.
This is a true incident that happened in Tirupur city in India.
These 10 exporters have exported quality readymade garments and sent the export documents through the bank to the importer's bank.
This is the safest practice.
The customs agent shall not release the goods to the importer for any reason without documentation as required by international trade law.
But here goods are handed over to importers without documents.
Both the importer and the customs agent have colluded.
This fraud has been made in developed countries like USA, UK and Germany.
Tirupur exporters are disappointed with these countries.
The documents are still with the bank.
But the goods have gone to the importer.
Out of this, only one company has exported to the extent of one and a quarter crore rupees.
Efforts have been made to get the money through DGFT and Indian Embassy.
It is a costly procedure.
There is no guarantee as to how many days the money will be available.
The best way to avoid such embarrassment is to take cover through ECGC.
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