Letter of Credit
This query is : Resolved
09 November 2009
for discounting Indian LC from any bank, what are the requirements & practical procedure ?
Please tell me in detail.
Regards
Please tell me in detail.
Regards
10 November 2009
If you wish to discount any L/C (Indian or Foreign) at any Bank of India you will need to setup a limit against your receivables of sale / export. In this limit you can submit bill for discounting under the L/C. If the usance period is more than 90 days, the Bill of Exchange will have to be stamped according to Indian stamp act at the state where you are presenting the L/C for discounting to your Bank.
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