L C
This query is : Resolved
Kapil Jain
(Querist)
12 July 2010
What is the procedure of LC ?
We paid a party through LC, Bank Charge Bank charges.
And interest on the same.
What happened if party get it discounted and if not.
We paid a party through LC, Bank Charge Bank charges.
And interest on the same.
What happened if party get it discounted and if not.
12 July 2010
The LC is opened by your banker in favour of a third party, if the third party who may be a your vendor, demands the same.Against LC 25 % margin deposit is retained by the banker.Normally LC has a tenure of 6 months.Once it matures,margin deposit and interest accrued thereon are released and creited to your bank account.Tenor of LC is usually delivery at site or usance whichever is earlier,for a period upto 90 days.LC amount will be debited to your bank account on maturity.
Kapil Jain
(Querist)
13 July 2010
Thanks but What happene if party get it discounted.
Kapil Jain
(Querist)
13 July 2010
Thanks but What happene if party get it discounted.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
