Import bills for collection & import letter of crfedit

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nikhil bhoge (Querist)
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03 June 2016 In international transaction , what is the difference between Import bils for collection and import letter of credit..

Please also explain what is bills lodged under LC.
Does it have any relation with import LC

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 June 2016 Import letter of credit is a guarantee issued by importer's bankers that payment will be made on presentation of import bills for collection.
Bills lodged under LC: Import bills are lodged under import LC for getting payment.
Yes, when LC is opened imports bills are paid through LC.

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