What is a High Seas Sale?
High Sea deals (HSS) is a deal did by the genuine agent (ie, the recipient appeared in the Bill of Lading) to another purchaser while the products are yet on high oceans or after their dispatch from the port of stacking (POL) and before their landing in the port of release (POD). HSS contract/understanding ought to be marked after dispatch of products from beginning and before their landing in goal. The understanding ought to be on stamp paper. “Sea” showing up in HSS ought not be taken by it’s exacting significance. For whatever length of time that the deal is formalized after dispatch from port of birthplace and before landing in the main port of release at goal, such deal is considered as HSS.
On finishing up the HSS assention, the B/L ought to be supported for the new purchaser. If its all the same to the dealer does unveiling unique import esteems to HSS purchaser, in such case it is better from custom freedom perspective for the merchant to support the B/L, receipt , pressing rundown for the HSS purchaser. The support should read “Exchanged on High Sea Sales premise to M/S — — for a business thought of Rupees — — “. Such support ought to be stamped and marked by the HSS dealer.
At some point HSS purchasers purchase products after their entry. Such deal are not HSS. The stamp paper on which the HSS assention is executed must not hold up under the stamp paper buy date as being post payload entry date. Such a case can without much of a stretch be recognized by traditions similar to a post entry deal.
The IGM ought to be documented by the bearer for the sake of the HSS purchaser. If not Import General Manifest (IGM) ought to get corrected for which Customs will force a punishment.