Question

Explain the meaning of the following documents used in connection with import transaction:a) Import general manifest
b) Bill of entry

Answer 1

(a) Import General Manifest (IGM) ; when certain goods arrive as cargo in the destination port there are certain formalities which needs to be filled. This is referred to as the IGM filling or the Import General Manifest filling. IGM is mostly filled on the basis of Airway bill.

(b) The bill of entry refers to the declaration made by the exporter or importer of the similar nature. It is prepared with the help of qualified customs broker or clerk.