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filling loc

robinghosh (accountant) (180 Points)

17 May 2018

Respected sir / madam
kindly tell me how to fill LOC?

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CA Sunil Kumar (Chartered Accountant) (4514 Points)
Replied 17 May 2018

You can approach your bank to open a Letter of credit. The concerned officer at bank helps you in filling up necessary application to open an LC. Since the LC is opened on the basis of your purchase contract, a copy purchase order / export contract has to be produced with along with other required documents. Your bank may ask you to keep certain percentage of ‘margin amount’ with bank.