Pre-Shipment Inspection Agency (PSIA)
A PRE-SHIPMENT INSPECTION AGENCY (PSIA) carries out verification of the contents of containers which is destined for any Port into India. The verification process consists of both visual inspection at the time of loading and the use of sophisticated equipment to detect the presence of radioactive elements in excess of normal levels on the scrap, explosives or other dangerous materials. The PSIA then issues a PRE- SHIPMENT INSPECTION CERTIFICATE (PSIC) with these details.
Governments implement PSI programmes to ensure that imports comply with their regulations. Non-compliance with these regulations can result in:
* The loss of valuable duty and tax revenue
* The loss of foreign exchange reserves (in countries where exchange controls exist)
* The potential importation of substandard or prohibited goods
How It Works
* A physical inspection of goods is carried out in the country of export pre-shipping, establishing the exact nature of the goods.
* The invoice and other documents are then scrutinised and an accurate valuation, and customs tariff code, are assigned. These are used, in conjunction with, the client country’s published duty rates, to calculate the correct duties and taxes payable.
* An certificate is then issued to the importer. This is used to substantiate the payment of full duty, prior to clearing the goods.
* The actual duty collected is compared with the certificates, and any shortages can be investigated and corrected.
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