The packing credit/pre-shipment credit given to an exporter may be liquidated out of the profits of bills drawn for the exported commodities on their purchase, discount, etc., converting pre-shipment credit to post-shipment credit.
As a result, the interest rate for usance bills for periods up to 180 days will be the rate effective up to 180 days from the date of advance.
Pre-shipment credit in the form of PCFC (packing credit in foreign currency) or EPC is available to exporters (export packing credit in INR). As the name implies, this facility is only available for obtaining raw materials, processing, and packaging until the final shipment.
A pre-shipment inspection is a procedure in which trade operators (buyers, suppliers, and agencies) inspect newly created products before shipping them for export or import. A pre-shipment inspection is performed to verify the quantity and quality of the item. Examine products for flaws.
When the seller wants to pay for the products before they are shipped, a financial institution will offer Pre Shipment Finance. The main goals of preshipment or pre-export financing are to allow exporters to: procure raw materials.
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