Explain the following terms used in import procedure :

(a) Bill of entry. (b) Bill of exchange.

(c) Sight draft. (d) Usance draft.

(e) Dock challan.

(a) Bill of entry : Bill of entry is a form supplied by the customs office to the importer. It is to be filled in by the importer at the time of receiving the goods. It is made in triplicate and be submitted to the customs office. It contains the information like name, address of the importer, name of the ship, number of packages, marks on the package, description of goods, quantity and value of goods, name and address of the exporter etc.

(b) Bill of Exchange : It is written instrument whereby the person issuing the instrument directs the other party to pay a specified amount to a certian person or the bearer of the instrument. Here the B/E is drawn by the exporter on the importer asking the latter to pay a certain amount to a certain person or the bearer of the bill of exchange.

(c) Sight draft : It is a type of bill of exchange wherein the drawer of bill of exchange instructs the bank to hand over the relevant documents to the importer only against payment.

(d) Usance draft : It is a type of bill of exchange wherein the drawer of the bill of exchange instructs the bank to hand over the relevant documents to the importer only against acceptance of the bill of exchange.

(e) Dock challan : Dock charges are to be paid when all the formalities of the customs are completed. While paying the dock dues, the importeror his clearing agent specifies the amount of dock dues in a challan or form which is known as dock challan.