What is RM and how is it different from shipping costs? What is the complete form of genetic resources? Exemption from submission of form GR by exporters: If your equipment has been imported free of charge on a re-export basis, you can take advantage of the GR submission exemption option. See Section 4 of the Exchange Management (Export of Goods and Services) Regulations 2000 and RBI Framework Circular No. 9/2007. The information provided here is part of the import-export online training course Difference between waybill and GR This article is part of a series of answers to questions asked by readers of this site. How to distinguish GR from shipping costs? How do genetic resources work? What is the mechanism of shipping costs for export? Is there a difference between genetic resources and shipping costs? Are the RMs and shipping costs the same? What are the shipping costs and how do the shipping costs work? After preparing the commercial invoice, packing list and other documents for export documents for customs clearance, the shipper submits his documents directly to the customs service or instructs a customs agent to present the export documents on behalf of the sender. As you know, all goods moving outside the country must be approved by customs by submitting a mandatory legal document called a shipping invoice. The waybill contains all the necessary details about the goods intended for export. For example; Order number and date or LC, invoice number and date of the sender, name of the sender, consignee, notify if necessary, buyer who is not the consignee, place of receipt of the cargo, port of loading, port of unloading, final destination, terms of payment, terms of delivery of the cargo, signs and numbers of packages, number of packages, unit price, FOB value of goods, total value of goods in local currency. The bill of lading also reflects the export regime, whether it is a free invoice, a return, DEEC, DEPB, DFRC, EPCG or any other beneficiary regime. The consignor of his customs agent shall sign with a stamp under the declaration of the invoice of the shipping costs specified by the customs authorities.
If the cargo is deposited at a customs point where an electronic data exchange facility is available, this freight invoice will be submitted electronically in accordance with the specified software format. As soon as the customs authorities, after presenting such a consignment note in quadruple copy with additional copies (according to certain rules in five copies), authorise a consignment note, the necessary assessment and control procedures shall be carried out. At the end of all export procedures and formalities, an “Order to Let Export” will be issued on the document duly signed and sealed by customs officers. Under the EDI system for the presentation of export clearance procedures, the necessary valuation procedures are carried out electronically and, after physical verification, where appropriate, copies of the “order to let export” are released in the form of paper copies after signature and sealing by the responsible customs officer. This is the mechanism of shipping costs in the context of export customs clearance procedures in India. ]]> What is RM and how is it different from shipping costs? What is the complete form of genetic resources? The complete form of GR is the guaranteed payment. After the introduction of the possibility of electronic data exchange, manual (printed) gr procedures were abandoned, as a copy of the RM is sent directly from the customs service to the Reserve Bank. However, gr export procedures will continue in a customs location where electronic filing is not available. What is the significance of genetic resources? Are the RMs intended for customs? Gr is not intended for customs, but it is owned by the Reserve Bank of India. What is the importance of genetic resources and why does the reserve bank supervise genetic resources? As you know, remittances in and out of the country are monitored by the Reserve Bank. In the case of an export trade, the payment takes place from abroad and in the case of an import trade, the money is transferred from the importing country to a foreign country. For the economic stability of a country, all internal and external monetary movements must be monitored, and the Reserve Bank is the government agency for this.
This is the reason why the Reserve Bank is involved in every export from the country by the GR Controller. Now let`s discuss the mechanism of Genetic Resources in a place where no EDI facilities are available. The shipper will collect the required blank GR sets from the Reserve Bank of India after submitting a reference letter to the bank of the shipper`s authorized dealer. For an export shipment, two copies of RM – original and duplicate – are issued. Means that a set of RGs contains duplicates. One page of each GR form would be blank and the other page with a printed declaration indicated by the Reserve Bank with columns to be signed for shippers and customs officers at the time of valuation of the freight invoice and at the time of approval of the “export lease” after the completion of the customs export formalities. Ok, after a shipper picks up GR blanks from the reserve bank, a set of GR form for a shipment, duly signed in both copies, gives to his authorized customs agent to submit documents to complete the necessary export customs formalities.. .