ASSIGNMENT -2 – INTERNATIONAL MARKETING

NANDAGOPAL GOPALAKRISHNAN – 20BM63050

1. What is Harmonized Commodity Classification & Coding System (HS Code)

used for goods crossing International Gateways?
The Commodity Classification & Coding System (HS Code) is a 6 digit code
developed by the World Customs Organisation used to categorize different products.
Customs Officials use the HS Code of a product to assess Customs Duty Valuation,
Class and Usage of goods crossing international boundary etc.
It is divided into multiple sections and each section will have different chapters within
it. For example, if we consider the HS Code 10.06.30:
10 – Signifies the Chapter Code (Chapter 10 Cereals)
06 – Identifies the Heading (eg: Rice)
30 – Identifies the Sub Heading (eg: Wholly Milled)
The HS Codes are frequently revised to accommodate newer product categories and
those under split, merge and change modes.
2. What is Hazardous Cargo & Materials Safety Data Sheet?
Hazardous Cargo or HAZMAT constitutes a set of materials that if not controlled or
stored properly present a threat to human health and safety. The transportation and
storage of HAZMAT materials is controlled by different regulatory regimes operating
at both the national and international level. An example of this is the International Air
Transport Association’s Dangerous Goods Regulation.
All HAMAT materials are strictly to be labelled, packed and transported as per the
regulatory authority’s mandate. They can be broadly classified into the following
categories. Lower the Group No. Of these categories, higher is the risk associated:

Materials Safety Data Sheet MSDS is a document that contains information on

potential health hazards and how to work safely with these products. It is either
provided by the Manufacturer or the Supplier. Additionally, it also provides info on
the use, storage, handling and emergency procedures related to the hazards of the
materials along with Preventive and First Aid Procedures.
The purpose of the Safety Data Sheet is to make the Seller and Buyer familiar with
the safe storage, safe handling and potential risks in case of a spill over and what
are the steps to be taken in case of an emergency.
3. What is meant by “Title of Goods “in Import / Export Trade? Indicate an
important benefit of Title to the owner of goods in a transaction.
Title of Goods talks about ownership rights to make sure that there is transfer of
rightful ownership of the goods from the seller to the buyer. Section 27 of the Sales
and Goods Act mentions that if the title of the seller is defective and if this title is
passed on to the buyer, then the buyer’s title will also be defective and he will have
no right to retain the goods even though he acted in good faith.
Title of Goods won’t be passed on to the buyer in the following circumstances:
a. A contract where the Seller is not the rightful owner of the goods
b. The Seller has no consent from the owner of the goods to make the sale
c. Owner has not given power to the Seller to sell on his behalf
The Title of Goods generally changes if it is specified in the contract that Title will be
passed on to the Buyer when they are shipped from the Seller’s premises.
The Tile is important to the owner as the Risk of Loss and Insurance Claim
settlement is done to the actual owner.