Our company is importing goods on CIF basis. Thus as per my understanding the ownership of goods is transferred in our name once the goods land at port.
My Question is wether we can effect high sea sales (As we are not having legal ownership of goods). Whether a high sea sale can only be affected in case of FOB billing?
Dear ankit
you can very much do High sea sales
Dear Ankit,
Landing of Goods on Indian Port is not a test of transfer of ownership...
Transfer of ownership is decided by the cluases of agreement...
Suppose goods require inspection & buyer is free to reject at that stage, then ownership cannot be said to be transfered unless goods are inspected & approved by the buyer...
Brother, High Sea sales r very much legitimate..
SSGS and Associates
Chennai
CA Inter
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Open Co Consulting LLP
New Delhi
B.Com
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CAclubindia
