OCM 1 Marks Each

Documents against payment bill. The document that the bank issues to the importer against the payment of the bill amount as per the instructions given by the exporter

Goods sent to other countries from India is called export.

Goods brought to India from foreign countries is called import.

When individuals, business units or government of a country trades i.e. either buys or sells with individuals, business units or government of another country it is called international or foreign trade.

Documents against acceptance bill. A method of payment for goods that have been exported in which the exporter sends the title and shipping documents with a bill of exchange to a bank or agent at the port of destination. The bank or agent releases the goods when the bill has been accepted by the consignee. … Compare cash against documents.

'Letter of Credit' means a document of surety given on behalf of importer to the exporter to pay the amount.

Banking, Insurance, transport, warehouse etc. sectors have been developed due to world trade organization.

The person who checks whether the goods as per shipping order has been loaded in the ship or not known as a 'mate'. He is a representative of the captain.

When the exporter pays all the expenses on the port such as transportation of goods, loading the goods on ship then the port authority issues carting order to the exporter.

If goods are not shifted from bonded go down within fixed time period, extra money is to be paid for the use of the time period. It is called 'Demurrage'.

Dock charges include the expenses like instruments used on the place, concerned facilities, all expenses from unloading of goods till the importer takes the possession of goods.

The 'bill of entry' register includes the name of the ship, the name of the port where the goods are shipped from, name of the exporter, name and address of the importer, and complete details of goods.

When on the basis of consulate Invoice and certificate of origin, less custom duty is paid then the bill of entry register is prepared

For importer a bill of banking document suggests the ownership of goods.

The exporter wants to know about economic soundness of the importer, so he demands letter of credit.

In international trade, the importer receives letter of credit from his bank and sends it to the exporter.

Details of goods, price, packing, insurance, name of the transport company etc., are clarified in 'indent'.

When the importer places an order to import goods is called 'Indent'.

When the goods are loaded on the ship, the receipt of the goods received is given by the captain or his representative of the ship. This is called 'Mate Receipt' or Captain Receipt or Companion's Receipt.

In international trade on the packing of goods, the detail of importer name and address, name and address of the exporter, weight of goods, destination of unloading the goods (the name of the port) etc., are marked.

Special Economic Zone is a geographical area where economic laws are liberal than prevailing other laws in the country.

Economic incentives to encourage exports include raw material for the products for exports, other means, electricity at cheaper rate.

One or more countries would import one or more product or service from one or more countries or give them maximum priority, such agreement is called 'Trade Agreement'.

Payment of imported products is to be made in foreign exchange. To obtain foreign exchange country has to export. Export is necessary for stability and safety of economy.

The main objective behind import of commodity is to maintain supply against demand of essential commodities, for safety of the nation and for economic development.

Due to international trade between two countries, there is exchange of culture, fashion, and knowledge.

To exist in international trade manufacturers make attempt to provide quality product at quite low price. As a result, the living standard of people has improved.

Due to international trade bank, insurance, warehouse, transportation, agency services is developed.

Countries involved in international business, import technology and human labour and make maximum use of resources possible.

The countries involved in international business have the benefit of division of labour and specialization.

According to Thomas, "exchange of the product of one country with another country is a Foreign Trade."

When the people or institution of one country performs business activities with the people or institutions of another country it is called foreign trade or international trade.

There is unequal distribution of natural resources in various countries of the world. So people have depend on other countries to satisfy their needs.