Difference between EP copy and EC copy of shipping bill
What is EC copy of shipping bill. How does Exchange Control Copy of Shipping Bill work?
The exporter or their customs house agent files necessary export documents with customs location where the cargo is moved to be exported. After completion of necessary export customs formalities at customs, Exporter copy and Exchange control copy are given back to exporter. Exporter retains export copy of shipping bill and submits exchange control copy with their authorized bank. The said exchange control copy is sent to Reserve Bank by authorized dealer bank to control foreign inward and outward remittance.
Submission of exchange control copy of shipping bill with exporter’s authorized bank is required at the location where no EDI facility is available where in exporter or his customs house agent files export documents manually. In a customs location where EDI is available, such exchange control copy of shipping bill is electronically transferred to Reserve Bank from respective Customs location immediately up on release of exchange control copy of shipping bill.
What is EP copy of shipping bill? How does Export Promotion copy of Shipping Bill work?
Exporter gets all benefits under exports from different government export promotion agencies only on the basis of export promotion shipping bills and other proof of export. In other words, among shipping bills, Government agencies accept only EP copy of shipping bill as a proof of export. Why?
Immediately up on completion of export customs procedures exporter can obtain exporter copy and exchange control copy of shipping bill. However, export promotion copy of shipment is issued by customs only after ‘export’ takes place. Means, EP copy of Shipping bill is issued only after goods moved out of country.
After movement of goods out of country by shipping carrier either by air or sea, the carrier files EGM (export general manifest) with customs mentioning details of goods moved as per specified format. EGM filing is a legal and mandatory requirement as per customs rules. The details of vessel or aircraft in which the cargo moved, Shipping bill number and other details of goods are mentioned in the EGM. Once after filing EGM by shipping carrier who carried goods, the exporter or his customs house agent approaches concerned customs officials to release EP copy of shipping bill. Once after satisfying on the ‘export’ of goods mentioned in shipping bill after verifying with Export General Manifest (EGM), the customs official approves and confirms ‘export’ by releasing EP copy of shipping bill. This export promotion copy of shipping bill is used by exporters to produce at different government agencies for claiming export benefits along with other export document like BL/AWB etc.
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