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Export park near Delhi to open in December. IMC cautions against forged documents

The Rs 282 million Export Promotion Industrial Park being constructed at Surajpur, Greater NOIDA, is expected to start its operations from December.

Rajiv Kumar, managing director of Uttar Pradesh State Industrial Corporation, which is constructing the park, said on Sunday in Lucknow that already allotment has been made to 36 industrial units.

The park, 35 km from Delhi, is being developed on 200 acres of land and will house about 450 industrial units with a capital outlay of Rs 600 million. The park will provide direct and indirect employment to about 25,000 persons.

Kumar said the park has been developed with latest facilities.

In an exports-related development in Bombay, the Indian Merchants' Chamber has directed the importers and exporters of the country to be cautious against the international trade documents which may be very easily forged by using high-tech printing technologies to make them look authentic.

Speakers at a seminar said that it is very easy to forge bills of lading, as they have no security features and added that there have been cases wherein shipping companies had released cargoes against wrong BLs and many Asian traders who exported goods to Nigeria were defrauded through the forged BLs.

There is no standard international law to fix liability on bankers for not properly checking trade documents and the verdict usually depends on the country where the court is situated.

A Swiss court delivered judgement exonerating a bank of the liability arising out of its failure to check the documents' authenticity. Had it been an Iraqi court, the judgement would have been perhaps different, they said.

UNI

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