Understand Existing Clearing and Forwarding Ecosystem to Enhance Sustainablity
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UNDERSTAND EXISTING CLEARING AND FORWARDING ECOSYSTEM TO ENHANCE SUSTAINABLITY by PRATHAMESH MILIND MUNGEKAR MMM – SEMESTER V ROLL NO. 62Under the Guidance of “PROF. RAVI VAIDEE”In partial Fulfillment of MMM course University of Mumbai (2015-2018)Prin. L. N. Welingkar Institute of Management Development & ResearchMatunga, Mumbai – 400019.CERTIFICATE FROM GUIDEThis is to certify that the project titled “Understand Existing Clearing And Forwarding Ecosystem To Enhance Sustainability” is successfully done by Mr. Prathamesh Mungekar during the Third year of his course in partial fulfillment of the Master’s Degree in Marketing Management under the University of Mumbai through the Prin. L. N. Welingkar Institute of Management Development & Research, Matunga, Mumbai-19.This project represents the work done by Mr Prathamesh MungekarUnder my guidance & the record of Interactive sessions with me during the preparation of the Project are as under:Date: Signature of the Project GuideName of the Project Guide: Prof. Ravi VaideeAddress: Prin. L. N. Welingkar Institute of Management Development and Research, Matunga, Mumbai 400019.Tel No. / Mobile No. : Email I’d: PROJECT COMPLETION CERTIFICATEThis is to certify that project titled “Understand Existing Clearing And Forwarding Ecosystem To Enhance Sustainablity” is successfully done by Mr. Prathamesh Mungekar during V Semester of his course MMM 2015 – 2018 in partial fulfillment of the Master’s Degree in Marketing Management studies recognized by the University of Mumbai through Prin. L. N. Welingkar Institute of Management Development & Research, Matunga, Mumbai -19.This project in general is done under my guidance.________________________ Prof. Ravi Vaidee ACKNOWLEDGMENTSelection of this project topic and in depth study on it gave momentum and it was an opportunity to learn more and expand our horizon. Apart from my efforts, the success of this project depends largely on the encouragement and guidance of many others. I take this opportunity to express my gratitude to the people who have been instrumental in the successful completion of this project.
I’m deeply indebted to our guide, our subject professor, for their continuous & priceless suggestion without which I would not been able to succeed in project work carried until now. I would like to show my greatest appreciation to my project mentor, Prof. Ravi Vaidee. Without his encouragement and guidance this project would not have materialized. I appreciate to his vast knowledge & skill in many areas. I express gratitude towards our Director Dr.Uday Salunkhe for his continuous support. Objective of StudyTo know and understand Clearing and Forwarding business model, identify strategies for growing existing business profitablyINDEXBusiness Concept…………………………………………………………1The Foreign Trade Policy………………………………………………….5The Customs Act……………………………………………………………7Forwarding Agent……………..………………………………………….11Custom House Broker……………………………………………………….12Import Procedure…………………………………………………………15Export Procedure…………………………………………………………34Types of Duties in India……………………………………………………..36Process Flow Chart……………………………………………………….47Key Performance Indicators……………………………………………..50The Clearance Process in a Nutshell…………………………………….51Conclusion…………………………………………………………………55Bibliography………………………………………………………………56Addendum…………………………………………………………………57Business ConceptForwarding and Logistics concepts are the basic players of any business firm. Today modern and scientific systems of business mainly rely on efficient Logistics and Supply Chain management which is why belief in professional capabilities and trust of valued customers is of high importance.As a Clearing and Forwarding Company, it is a duty to act as a mediator between shippers and client companies who need the services and facilities. It involve booking Freight from the shipping company, clearing goods from the ports, paying up necessary duties and taxes, transporting the consignment to desired destination and any other specific needs as provided by the client.Clearing and Forwarding agents are a link between the owners of goods and owners of means of transport. They help cargo owners in efficient movement of goods to the buyers by completing a number of procedural and documentary formalities. Some of the documents involved in customs clearance are :Exports Documentation: Purchase order from Buyer, Sales Invoice, Packing List, Shipping bill, Bill of Lading or air way bill, Certificate of Origin and any other specific documentation as specified by the buyer, or as required by financial institutions or LC terms or as per importing country regulations.