SVKM’s NMIMSUNIVERSITY
SCHOOL OF DISTANCE LEARNING
COURSE: DISTANCE LEARNING PROGRAM IN MANAGEMENT
SUBJECT: Customs, Shipping & Insurance
DATE: MARKS:100 marks.
TIME: 3 p.m. to 6 p.m.
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SECTION I – CUSTOMS & SHIPPING[ 70 MARKS]
NOTE: 1. Question No.1 is compulsory.
2. ANSWER any 6 out of the remaining 9 Questions.
3. Each question carries 10 marks
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[1]Fill in the blanks.[10 Marks]
(1)______is generally made out in the sets of 3 originals.
(2)Loose cargo is called______.
(3)Freight is the ------payable to carrier.
(4)CIF value plus ______% makes assessable value.
(5)Valuation of Excisable goods for purpose of charging of excise duty is
governed by Section ______of Central Excise Act, 1944.
(6)On export of goods anti- dumping duty is rebatable only by way of
______rate of drawback.
(7) Clearance of warehoused goods for home consumption is governed by
Section______of the Customs Act, 1962.
(8) Goods entered for home consumption are cleared on “_____“ Bill of entry
(9) Representative of the exporter / importer in the Customs House is called
______
(10) Unsigned copy of Bill of Lading are know as______.
[2]Write short notes on any three: [10 Marks]
a)Additional Customs Duty.
b)Surcharges to Freight.
c)Import general manifest.
d)Conference System and practices
e)Types of Bill of Lading
[3]Explain the advantages and disadvantages of sea and air shipments. [10 Marks]
[4] Explain the role of clearing and forwarding agents, freight brokers and shipping
companies. [10 marks]
[5] Explain valuation under Central Excise? [10 Marks]
[6] Explain with reference to Bill of Entry
a) Home consumption
b) Warehousing
c) Ex-bond clearance [10 marks]
[7] What are the different types of freight? [10 Marks]
[8] Explain containerization. [10 Marks]
[9] Explain the procedure for clearance of import cargo in details. [10 Marks]
[10]Explain in brief the customs procedure relating to bond and ex-bond [10 Marks]
clearance.
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SECTION II – INSURANCE [ 30 MARKS]
NOTE: 1. Question No.1 is compulsory.
2. ANSWER any 2 out of the remaining 5 Questions.
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[1]Fill in the blanks [10 Marks]
- Marine Insurance Act______(year)
- ______policy is most suitable for project imports.
- ------means movement of goods from warehouse to any place by accepted mode of conveyance.
- “Goods” means goods in the nature of general merchandise and does not
include ______effects.
- Open cover policy is valid for ______months.
- Marine total losses fall into two categories viz. Actual Total loss and------Total loss..
- Exporters, ______, bankers prefer to obtain maximum possible coverage for insurance of goods in transit.
- Usually______,importes,______prefer to obtain maximum possible coverage for insurance of goods in transit.
- Warranted vessel not over ______old.
- It is customary to obtain a Marine Cargo Insurance for ______- of CIF
[2] Write a short not on any two: [10 Marks]
a)Rate of Premium
b)What is Insurance?
c)FOB policy
d)Salvage.
e)Marine Cargo policy
[3] Describe four types of losses that are excluded from all types of insurance cover. [10 marks]
[4] Explain the fundamental principles applicable to Marine Insurance ?
[10 Marks]
[5] Explain the importance of Section 64-VB of the Insurance Act, 1938.
[10 Marks]
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