Shipping Guarantee



In absence of the original shipping documents, goods may be cleared by non-negotiable copies of the documents, against indemnity/shipping guarantee issued by the L.C opening bank on request of the importer. Before issuance of guarantee branch should have to observe the following formalities:


i.                    Checking of Invoice & Nonnegotiable copy of Bill of Lading with L/C file are done and that shipment is effected before the expiry of L/C & the invoice value is within the L/C amount & other particulars are in order.
ii.                  A letter of indemnity i.e. a counter-guarantee is obtained from the importer.
iii.                Retention of 100% margin made & Bank’s commission is realized.

Accounting Procedure


(a)        Contra Transfer Voucher                    Dr.      Bank’s liability for acceptance of L/C


                                                                        Cr.       Customers liability for acceptance of L/C

                                                                        Dr.       Customer’s liability S.G.

                                                                        Cr.       Banker’s liability on S.G

(b)        A/C’s voucher                         Dr.       Importer’s account
                                                                        Dr.       Margin / cash security on L.C
                                                                        Cr.       Margin / cash security on S.G
                                                                        Cr.       Income A/c Com / Charges

iv.        On receipt of the original shipping documents following reversal vouchers are to be passed:

            (a)        Contra Transfer voucher         Dr.       Banker’s liability on S.G
                                                                        Cr.       Customer’s liability on S.G



            (b)        A/C’s voucher                        Dr.       Margin / cash security on S.G
                                                                        Dr.       Importers account (if any)
                                                                        Cr.       MBE Account
                                                                        Cr.       Income A/c Com / Charges etc

iv.                Entered in Shipping Guarantee Register, having following column:

Date
S.G No.
Name of
Importer
L.C. No
Amount of Guarantee
Merchandise
F.C
BTk.
01
02
03
04
05
06
07

B.L No & date
Charge recovered
Reversal date
Return of Indemnity
Remarks
08
09
10
11
12

            Bill of Entry for consumption:

i.                    Detail statement of imported goods prepared by the importer / the C & F agent concerning description, nature & value of goods, payment of duty, sale tax, vat etc signed by custom`s authority.
ii.                  The importer must submit exchange control copy of custom bill of entry to AD branch within 04 months from the date of remittance. If it is not submitted with the period the matter should be taken up with the concern importer & promptly reported to Bangladesh Bank for further necessary action against the importer.
iii.                Bill of entry & certified invoice submitted by the importer should be matched & checked with relevant duplicate IMP form & should be filed separately party wise & month wise for eventual inspection by Bangladesh Bank.