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administration/Foreign
Exchange |
KTNET provides
the following services in the administrative document and
oreign exchange area : notification of export letters of credit,
import letters of credit, domestic letters of credit, deposit
notification, withdrawal notification,
bills, payment orders, L/G(letter of guarantee), approval
of export and import, application to buy bill of exchange,
purchase approval document and various
notifications.
Notification of export letters of credit entails the notification
of L/C via SWIFT
out of L/C notified by mail, TELEX and SWIFT. Included in
this work are
notification of L/C condition change, notification of foreign
transfer L/C and
notification of L/C notified to other bank.
SWIFT : Society For Worldwide Interbank Financial Telecommunication
Import L/C issuance is a service in which a trading company
transmits
application for L/C issuance or L/C change to a bank using
EDI, and the bank replies to L/C issuance or L/C condition
change and then notifies overseas
client company over SWIFT network.
Domestic L/C is issued with domestic suppliers as recipients
in order for an
exporter to procure raw material or finished goods domestically
without
difficulty for export on the basis of export L/C the exporter
received. Included
in this work are application for domestic L/C issuance, application
for condition change of domestic L/C issuance, issuance of
domestic L/C and issuance of
domestic L/C with changed condition.
Billing means notifying companies of banks' various transactions
such as L/C issuance charge, purchase(payment collection)
result and other fees using
EDI. Notification of deposit and withdrawal is a service to
notify companies
of the deposit and withdrawal status of nego, payment, purchase
payment
and collected payment.
Payment order entails PAYORD, which is an import payment order
for a
trading company to pay import bill, DEBADV FINBIL, which is
an import
payment withdrawal notification bill combining import payment
and its
withdrawal, overseas remission and notification of remission
from other
sources.
Account transfer entails trading company's account transfer
payment order
to a client bank in order to transfer money to another bank
and the bank's
DEBADV FINBIL to notify of the withdrawal.
Letter of guarantee is a document issued in the following
occasion : When
imported products have arrived without their transportation
document,
a bank submits a guarantee form with joint liability instead
of the original bill
of loading to a shipping company prior to the arrival of the
transportation
document in order to receive the imported cargo. In this service,
when a
trading company applies for L/G, the requested bank approves
(with a written copy) the application, sends the original
B/L to the shipping company or the airliner, and the shipping
company or the airliner notifies the
trading company whether the cargo has arrived.
Regarding export approval work, the Textile Export Association,
the Garment Industry Association, the Daily Goods Export Association
and the Tire Industry Association are presently involved in
doing business using EDI. Regarding
import approval work, the Medical Supplies Association, the
Animal Medicine Association and the Radioactive Isotope Association
are provided with the
service as well.
Regarding visa issuance, the US visa for the Textile Association
is obtained
by the company's direct print out; and other companies' visas
should be
printed out first and then signed by a recommending association
for validation.
Purchase approval is made between an exporting company and
a product
supplier; and it includes offer submission, notification of
purchase approval,
delivery of tax sheets, payment settlement and payment return.
When approving purchase, the exporting company sends purchase
approval
electronic data(APPPUR) only excluding any other documents.
Various notification includes notification of shipping document
arrival,
notification of domestic L/C bill arrival, notification of
export B/E(Bill of
Exchange) processing result and notification of import bill
discount
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In insurance area, cargo insurance application and bill
of insurance issuance
are the services provided.
When exporting, a trading firm applies for cargo insurance
to an insurance
company using EDI, and the insurance company issues bill of
cargo insurance
and notifies the trading firm.
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In customs clearance area, export customs clearance, import
customs
clearance, provisionof export/import declaration information,
export/import
cargo management system and tariff return are the services
provided.
When a trading company self-declares for customs clearance
or declares
export through customs officer to the customs using EDI, the
customs receives
the declaration. When declaring export, written copies of
accompanying
documents(E/L, packing list and other necessary documents)
are accepted.
Regarding import customs clearance, when an import company
declares import
to the customs using EDI, the customs receives the import
declaration.
Since CUSRES(reception of import declaration), Informations
are not furnished
automatically, customs officials should check the reception
electronically.
Export/import declaration information service is to provide
detailed information
on KTNET's customs clearance information service site(kcis.ktnet.co.kr)
to
trading companies.
Export/import cargo management system is divided into export
cargo EDI management system and import cargo EDI management
system.
Export cargo EDI system manages cargo in line with export
customs clearance system and tariff return system. The flow
of cargo is traced and managed by
export declaration, cargo list and B/L number.
Import cargo EDI system was deemed to be necessary as cargo's
entry into
port, unloading, delivery to storage, customs clearance and
carry out
managed in written forms reached their limit requiring the
adoption of
systematic procedures. In the system, cargo is managed by
B/L number.
Tariff return is made when the customs office returns the
whole or part of
tariff already levied to an export company when it meets specific
requirements.
The trading company applies for the return using EDI to the
customs office
and a bank deposits the Tariff return in the company's account.
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Logistics area is largely classified into export/import
cargo distribution
information, maritime export, maritime import, air export
and air import.
Export/import cargo distribution information entails an integrated
information network for export/import trading companies and
logistics companies.
It is a type of Cargo Community System.
In maritime export part, an export company provides a shipping
company
and a forwarder with information on export products and the
shipping company
and the forwarder provides information on loaded cargo in
B/L issuance
notification form.
It is also a service in which the export company provides
the shipping
company and the forwarder with export license information
and receives
report on inbound/outbound cargo and cargo shipment from the
shipping
company and the forwarder using EDI.
In maritime import part, an import company receives notification
of import
arrival and cargo transfer order from a shipping company and
a forwarder
before ship's port entry and carries out the cargo following
necessary
procedures. It is a service which allows automatic deposit
and withdrawal
transactions of freight rates and fees on imported cargo between
the
importer and the shipping company/forwarder via a bank.
Air export is a service in which an export company manufactures
export
goods and requests a forwarder to ship the export cargo on
air when it is requested by an importer or urgent cargo shipment
is needed. The forwarder
issues AWB, freight rate invoice and tax bill, sends them
to the exporter, and makes transactions of freight rate deposit
and withdrawal via a bank using EDI.
Air import service entails the following : An import company
issues an import
L/C and delivers the L/C to a forwarder. Then, the forwarder
obtains bonded transportation license information by swiftly
providing the importer with
shipment information from export location and transmitting
the information to a bonded transportation company.
Freight rate settlement with a forwarder is also possible
by having freight information on import cargo provided through
EDI.
In addition, KTNET provides services such as issuance of country
of origin
certificate and commercial invoice notarial act.
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