IGNOU AED 01 Solved Assignment 2022-23

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IGNOU AED 01 Solved Assignment 2022-23

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Important Note – IGNOU AED 01 Solved Assignment 2022-2023  Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.

Download Question Paper 

Submission Date :

• 31st March 2033 (if enrolled in the July 2033 Session)
• 30th Sept, 2033 (if enrolled in the January 2033 session).

All questions are compulsory.

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Q.1 Discuss the institutions providing technical services for the promotion of export
in India. Explain the institutional setup for Government policy making and consultation for export promotion in India.

Appropriate government policies are important for successful export effort. In view of the increasingly important and critical role of foreign trade in economic development, a separate Ministry of Commerce has been entrusted with the responsibility of promoting India’s interest in international market. The Department of Commerce, in the Ministry of Commerce has been made responsible for the external trade of India and all matters connected with the same. The main functions of the Ministry a the formulation of international commercial policy, negotiation of trade agreements, formulation of country’s export-import policy and their implementation. It has created a network of commercial sections in Indian embassies and high commissions in various countries for export- import trade flows. It has set up an “Exporters Grievances Redressal Cell ” to assist exporters in quick redressal of grievances.

Board of Trade: For ensuring a regular consultation, monitoring and review of India’s foreign trade policies and operations, Government of India have set up a Board of Trade with representatives from Commerce and other important Ministries, Trade and Industry Associations, and export Service Organizations. It is an important national platform for a regular dialogue between the Government and the trade and industry.

Cabinet Committee on Exports: With a view to ensure regular and effective monitoring of India’s foreign trade performance and related policies, Cabinet Committee on Export has also been-set up.

Empowered Committee of Secretaries: For speedier and quicker decision-making, an Empowered Committee of Secretaries has also been established to assist the Cabinet Committee on Exports.

Grievances Cell: Grievances Cell has been set up to entertain and monitor disposal of , grievances and suggestions received. It is a cell meant for speedy redressal of genuine grievances. Grievances Committees headed by Director General of Foreign Trade and head of concerned Regional Licensing Authority have been constituted in the respective licensing offices.

Director General of Foreign Trade (DGFT): DGFT is an important office of the Ministry of Commerce, to help the formulation of India’s Export-Import policy and implementation thereof. It has set up regional offices in almost all States and Union Territories of India. These offices are known as Regional Licensing Authorities.

Director General, Commercial Intelligence & Statistics ( DGCI & S): DGCI& S has been entrusted with the task of compilation and publication of data on India’s Foreign Trade. It brings out various publications relating to Foreign Trade of India. The major publications are as under:

1. Monthly Statistics of Foreign Trade of India
2. Monthly Press Notes on Foreign Trade
3. Monthly Brochure of Foreign Trade Statistics of India (Principal Commodities and Countries)
4. Indian Trade Classification based on Harmonized Commodity Description and Coding System
5. Indian Trade Journal

Ministry of Textiles: Ministry of Textiles is another Ministry of Government of India which is responsible for policy formulation, development, regulation and export promotion of textile sector including sericulture, jute and handicrafts, etc. The four advisory boards are as under:

1. All India Handloom Board
2. All India Handicrafts Board
3. All India Powerloom Board
4. Wool Development Board

States Cell: ‘The cell has been created under Ministry of Commerce. Its functions are to act as a nodal agency for interacting with state Government or Union Territories on matters concerning export or import from the State or Union Territories.

Development Commissioner, small Scale Industries Organization: The Directorate has the headquarter in New Delhi and extension centers located in almost all States and Union  Territories . They provide export promotion services almost at the doorsteps of the small scale industries and cottage units. The important functions are :

1. i) to help the small scale industries to develop their export capacities
2. ii) to organize export training programs

iii) to collect and disseminate information

1. iv) to help such units in developing their export markets
2. v) to take up the problems and other issues related to small scale industries

Besides, there are Directorates of Industries, National Small Industries Corporation and State Corporations for the promotion of exports from small scale industries.

Q.2 (a) Discuss the duties of an exporter under FOB and CIF contract. Describe the major legal implications of FOB contract.

i) The delivery is completed by delivering the goods to the carrier. This means that delivery to the carrier operates as delivery to the buyer, unless the seller has reserved the right of disposal over the goods.

ii) The price in a FOB contract covers all expenses up to the loading of the goods on the carrier. All costs subsequent to that point will be on the buyer’s account.

 iii) Risks in the goods passes from the seller to the buyer at the same time when delivery is completed  i.e. when the goods are placed on the carrier.

iv) Normally property in the goods also should pass from the exporter to the importer along with risks. The passing of property may be postponed by a specific provision in the contract.

v) Payments fall due when the delivery is completed. It is generally stipulated that property will pass only when the buyer fulfils his contractual obligations under the’ relevant terms. For example, acceptance of the Bills of Exchange submitted along with the Bill of Lading or the Airway Bill.

(b) State the documents required for export. Discuss in detail the features of Commercial invoice and Bill of lading.

In simple words, a commercial invoice is an export document that serves as legal evidence of a sale transaction between the buyer and the seller. It is mainly used for clearance purposes with regard to customs and helps in the determination and assessment of duties and taxes payable. It contains the full description of goods sold, their quantities, and value as previously agreed upon by the parties.

The importance of a commercial invoice can be seen in the following manner-

• Helps in maintaining records

Commercial invoices are a mandatory document in the import and export procedures and constitute an important part of the paper trail for transactions relating to exports and imports.

• Proof of sale

Since a commercial invoice contains all the transaction details, including the details of the buyer, seller, and description and value of goods, it constitutes an essential part of the evidence that the sale transaction has taken place.

• Guarantees payment

A commercial invoice is a legal document evidencing a sale transaction and therefore plays a vital role in ensuring payment for the same.

• Assistance in verification

The description of goods in terms of quality, quantity and price enables the importer to cross-check and verify the contents of the shipment to see if they correspond to the contents mentioned in the commercial invoice. 

• Can serve as a notice for payment due

The commercial invoice contains all the details of a regular invoice and can be used as a reminder for payments due. It is an efficient tool to maintain customer relationships.

• Ensures no one gets fleeced

Since the commercial invoice is relatively detailed and can be used as proof, there is no way the buyer can escape payment of the same.

Indian Laws on Commercial Invoices

The CBIC requires certain mandatory documents to be submitted as part of the import or export procedures. One among them is the commercial invoice. As per Circular No. 01/15-Customs,

If submitted, a commercial invoice cum packing list would fulfil the criteria required by the Customs authorities for proper import or export procedures since both documents were found to have similar fields.

As per the Foreign Trade Policy, to carry out import and export activities, the following documents are mandatory:-

• Airway bill/bill of lading
• Commercial invoice cum packing list
• Shipping bill

Time Limit for Raising a Commercial Invoice Under Indian Law

As per the GST laws, a registered taxable person who supplies goods subject to taxes must mandatorily issue an invoice depicting the nature, quantity, and value of goods, the tax chargeable on those goods, and additional information may be necessary.

If the supply involves the movement of goods, the invoice has to be raised on or before the removal of goods for supply from the location of the supplier to the buyer. In other words, the invoice shall be issued on or before the dispatch date of such goods.

Contents of a Commercial Invoice

A commercial invoice does not carry the title or ownership of the goods. It merely functions as a proof of sale between the buyer and the seller. A commercial invoice contains the following information-

• Information regarding the buyer and seller
  • Name, address, tax information, and contact details of the buyer
  • Name, address, tax information, and contact details of the seller

• Information regarding the transaction
  • Date of the invoice
  • Invoice number
  • Order number
  • Description of the goods
  • Quantity and value of the goods
  • Mode of payment and related instructions
  • IEC Code and GSTIN
  • Country of origin

• Shipping related information
  • Freight charges
  • Export route
  • Date of shipment
  • Gross weight
  • Number of packages
  • Insurance charges

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Q.3 Comment on the following:

(a) Standard policies of ECGC cover losses of all types of risks.
(b) Credit is a major weapon of international competition but it involves risk.
(c) Exporters and importers are not exposed to any exchange risks.
(d) The role of marketing effort is not crucial in export promotion. 

Q.4 Differentiate between the following:

(a) Pre-shipment finance and Post-shipment finance
(b) Voyage charter and Time charter
(c) Trading house and Star trading house
(d) FOB contract and CIF contract

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IGNOU AED 01 Solved Assignment 2022-23

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Q.5 Write a short note on the following:
(a) Forward Contracts
(b) India Trade Promotion Organization
(c) War Perils
(d) EXIM bank

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IGNOU Instructions for the AED 01 Export Procedures & Documentation Solved Assignment 2022-23

IGNOU AED 01 Solved Assignment 2022-2023 Download Free  Before attempting the assignment, please read the following instructions carefully.

1. Read the detailed instructions about the assignment given in the Handbook and Programme Guide.
2. Write your enrolment number, name, full address and date on the top right corner of the first page of your response sheet(s).
3. Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).
4. Use only foolscap size paperfor your response and tag all the pages carefully
5. Write the relevant question number with each answer.
6. You should write in your own handwriting.

GUIDELINES FOR IGNOU Assignments 2022-23

IGNOU AED 01 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:

1. Planning: Read the questions carefully. IGNOU AED 01 Assignment 2022-23 Download Free Download PDF Go through the units on which they are based. Make some points regarding each question and then rearrange these in a logical order. And please write the answers in your own words. Do not reproduce passages from the units.
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3. Presentation: IGNOU AED 01 Solved Assignment 2022-2023 Download Free Download PDF Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.

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