Inventory

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Sravanidhar (Querist)
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08 March 2015 sir for my last question you have answered if the incoterms are fob. what if it is cif based. one more query i wanted to know whether my client is liable for demurrages. but the bills will not be coming in this year.but this is important for us to keep provision. and does these demurrage should be added to cost of inventory.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 March 2015 No goods in transit entry is required for CIF based. Demur rage can't be added to cost of inventory being penalty.
For delay in clearing the goods your client will be liable for demur age.
Arrange for clearance of goods once it reaches the port. Obtain the bills through air mail.

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