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What To Do If You Lost Your Bill Of Entry

What To Do If You Lost Your Bill Of Entry

In an era of globalized trade, countries exchange goods worth millions of dollars every year. This makes it imperative for the authorities in the country to have a record of these trades. Hence, the bill of entry is an essential part of global trade.  

The bill of entry is a legal document that the customs agents or the importer file either with the arrival of the goods or before the arrival of the goods. The bill of entry is vital to start the customs clearance process of the imported goods as it contains key details such as the type of the consignment, its quality, and quantity.

How To Get The Bill Of Entry?

An importer can obtain the bill of entry either through the official government website of the concerned country or through the customs office. For example, when importing to India, the bill of entry can be obtained by logging onto the ICEGATE portal. 

When obtained, the bill of entry should be kept securely as  failure to produce the bill of entry upon importing may result in heavy fines depending on the circumstances. The custom officers may levy a charge of rupees five thousand per day for the first three days with the possibility of the fine being extended to rupees ten thousand per day after that. However, the customs department may choose not to levy the fine based on the circumstances.  

What Steps to Take If The Bill Of Entry Is Lost?

The bill of entry in import is a key document for international trade. In the event wherein it is either lost, misplaced, or destroyed, the importer must undertake the following steps -

Banks

Approach their bank and request an attested copy of the bill of entry if it is available with them, along with an acknowledgment with the date stating the same. The importer will also need to file an FIR to certify that the bill of entry has been lost. If the bill of entry has been damaged or defaced, then it will have to be attached to the form.

Electronic Data Interchange (EDI) 

If the bill of entry is not available with the bank, the importer will then have to approach either the assistant or the deputy commissioner of the EDI. The importer will have to report the bill of entry status along with the copy of the letter submitted to the bank along with the acknowledgment received from the bank. 

Systems Manager

If there is an urgent need for the bill of entry, the importer will have to approach the systems manager. The bill of entry is generated only after the authorization of the systems manager. To obtain the duplicate copy of the bill of entry, the importer will have to pay a fee that varies depending on the country. For instance, in India, the fee to obtain a duplicate copy of the bill of entry in import is ₹50.

What Is The Importance Of Bill Of Entry? 

Ensuring the bill of entry status is an integral part of the trade as failure to produce it at customs when importing goods can lead to heavy fines. If you have lost the bill of entry for your commodities, it is important to follow the rules of obtaining a duplicate copy cautiously as the relevant authorities scrutinize the documents.

In international trade, it is crucial to comply with the trade rules and regulations of countries. Online portals like Trademo offer assistance with trade compliance making business easier for you by making you aware of these rules and regulations. Skipping details and jumping steps will make obtaining a duplicate copy of the bill entry more complex and unnecessarily risky.

That’s why knowing and understanding the rules and regulations surrounding international trade is crucial in a smooth import-export process.

 

Website:https://www.trademo.com/
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