When the imported goods are cleared by the bank due to fund crisis or bank may also clear the goods from the port due to non-retirement of import documents by the importer to avoid further financial loss on the part of the bank, the facility is provided to importer by the bank as per arrangement or on force situation. In this cases bank may charges further margin from the importer in addition to the L/C margin to cover custom duty, VAT, sales Tax etc. or these duties are also be paid by the bank.
In both cases, whether the importer request the bank for clearance of goods fails for retirement of import document, the liabilities under MIB are converted to MPI except for the profit amount. In case of profit element, the unrealized profit in MIB A/C to be carried forward to MPI A/C as charge with a view to avoid compounding as per Shariah.
i. Verify the sanction limit
ii. Office note
iii. Document Endorse favoring the Importer