Meaning of loc( letter of credit),bank guarantee.
This query is : Resolved
15 October 2012
Dear All,
please anybody guide me regarding
letter of credit, bank guarantee, fdr & Margine money........ with proper example
please urgent.....
Regards,
Vikas
please anybody guide me regarding
letter of credit, bank guarantee, fdr & Margine money........ with proper example
please urgent.....
Regards,
Vikas
18 November 2012
Dear Vikas,
1)Letter of Credit: Is a document provided by the bank to the supplier on the request of customer, wherein bank promises to pay the supplier against the invoice for the goods supplied to the customer as per the terms of payment on the due date.It can be Indian LC of Foreign LC.
2) Bank Guarantee: Is a document provided by the bank to the third party on the request of the customer. Wherein the bank promises to pay the third party the promised amount in case the customer fails to keep his promise to the third party.
3)Forwarder:Is an agency who in case of import consignments forwards the consignment from one country supplier) to the other country(Customer).
4)Margin Money: Is the security held by the bank in the form of deposit at a fixed percentage to the value of Bank Guarantee or Letter of Credit issued by bank to its customer.
1)Letter of Credit: Is a document provided by the bank to the supplier on the request of customer, wherein bank promises to pay the supplier against the invoice for the goods supplied to the customer as per the terms of payment on the due date.It can be Indian LC of Foreign LC.
2) Bank Guarantee: Is a document provided by the bank to the third party on the request of the customer. Wherein the bank promises to pay the third party the promised amount in case the customer fails to keep his promise to the third party.
3)Forwarder:Is an agency who in case of import consignments forwards the consignment from one country supplier) to the other country(Customer).
4)Margin Money: Is the security held by the bank in the form of deposit at a fixed percentage to the value of Bank Guarantee or Letter of Credit issued by bank to its customer.
01 December 2012
Thanks .................
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
