Post Shipment Advance

Finance against receivables, in the form of shipping documents, is post shipment finance. Exporter should have an IEC number and each shipment should be accompanied by prescribed declaration (GR/SDF/PP/SOFTEX) form in which the value of the export will be declared and duly certified by the customs authority.

Shipping documents along with relative GR form must be submitted to the authorized dealer within 21 days from the date of shipment.

For realization of export proceeds, countries all over the world have been divided into 2 groups i.e. Asian Clearing Union (ACU) and Non ACU countries. Exports to the group of ACU countries (Myanmar, Bangladesh, Pakistan, Iran and Sri Lanka) should be realized in ACU dollars (US dollars). Other than ACU countries, realization of export proceeds can be in any freely convertible currencies.