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Inland lc

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(Querist)
16 August 2011 Dear Sir,
One of our customer has opened Inland LC. Now we have to discount that LC in bank what is the procedure.whether we can give original invoice or proforma invoice. the material is yet to despatch.

Regards
Panduranga
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U S Sharma

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U S Sharma (Expert)
16 August 2011 you have to offer the following to your banker for onward submission to opening bank

1) original invoice
2) Transportation document
3) Bill of Exchange (sola) in duplicate
4) any other document as mentioned in LC

Original L/C affixed with Rs 2/- revenue+ proforma invoice ( accepted by buyer) should accompany the documents.

as per the terms of payment of LC, the bank will negotiate( discount)/ sent for collection / sent for acceptance to buyer.

on maturity of bills the amount will be credited to your account as per the LC terms.
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