Letter of credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 January 2012
Whether Import LC for Procrement of Stock can be opend more than 180 days. If yes, what will be the procedre.
12 January 2012
A REQUEST LETTER PRESENT TO BANK ALONGWITH INVOICE, PURCHASE ORDER :
The Import Letter of Credit guarantees an exporter payment for goods or services, provided the terms of the letter of credit have been met.
A bank issue an import letter of credit on the behalf of an importer or buyer under the following Circumstances
* When a importer is importing goods within its own country.
*
When a trader is buying good from his own country and sell it to the another country for the purpose of merchandizing trade.
* When an Indian exporter who is executing a contract outside his own country requires importing goods from a third country to the country where he is executing the contract.
The first category of the most common in the day to day banking
MORE INFO:
https://www.eximguru.com/exim/guides/export-finance/ch_3_letter_of_credit_lc.aspx
The Import Letter of Credit guarantees an exporter payment for goods or services, provided the terms of the letter of credit have been met.
A bank issue an import letter of credit on the behalf of an importer or buyer under the following Circumstances
* When a importer is importing goods within its own country.
*
When a trader is buying good from his own country and sell it to the another country for the purpose of merchandizing trade.
* When an Indian exporter who is executing a contract outside his own country requires importing goods from a third country to the country where he is executing the contract.
The first category of the most common in the day to day banking
MORE INFO:
https://www.eximguru.com/exim/guides/export-finance/ch_3_letter_of_credit_lc.aspx
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