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Letter of credit

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 March 2013 We are purchasing one machine. We will open deffered LC for the same. Machine will come in single shipment. However partial shipment is allowed so that if any part remin can be shipeed later.
Now can we put clause in LC that we will pay 10% after 30 days of bill of lading. Balance 90% will be paid in 3 equal instalment at yearly intervals. Is such instalment clause is possible in LC. Any RBI approval required?
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
19 March 2013 I have never heard LC like this.
I don't think it is possible
I am leaving this query open
lets see others advice also
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