Letter of credit

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Swasti Group (Querist)
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10 July 2012 We have received o letter of credit from our debtors, our bank says that we have to deposit some security for redeem that, can u plz help us. what we have to do

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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10 July 2012 when L/c is opened by the ultimate buyer in favour of a particular beneficiary, who may not be the actual supplier/ manufacturer offering the main credit with near identical terms in favour as security and will be able to obtain reimbursement by presenting the documents received under back to back credit under the main L/c.

for more information read:

https://www.eximguru.com/exim/guides/export-finance/ch_3_letter_of_credit_lc.aspx

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