Revolving Documentary Letter of Credit
Explain the significance of letter of credit in international marketing?
I received letter of credit from my customer how i have to enter my entries
Never heard of it. Perhaps it's a mistranslation of "transferable letter of credit"- which is a letter of credit in which the whole or part of the payment can be transferred from the payee to a 3rd party.
A letter of credit is a financial instrument. It should be treated as such and guarded like you would a credit or debit card.
Both has same meaning, opening letter of credit establishing letter of credit once letter of credit is opened, credit is established.
sindhi
very bad
The audit procedure for letter of credit ensures the compliance of sanctions and post sanction procedures.
yes
Inland Letter of Credit is issued to meet out the credit requirement for domestic trade. This is a form of no fund based credit extended by the banks. This is given to he seller of the goods on behalf of the buyer by the bank where the buyer deals. It offers the comfort of obligation from the banker to the issue of the Inland letter of credit that they undertake to make good of the loss. If any in the case of non payment of the amount as accepted by the buyer. As such the seller of the goods can take finance by tendering the bills along with the ILC to his banker before the proceeds are realized.
Cost of postcard to inland letter is two rupees fifty paisa 2.50
Yes, an inland letter of credit can be opened in foreign currency. The Foreign Exchange Management Act (FEMA) in India allows for such provisions to honor the payment in foreign currency, provided there is compliance with the regulations and guidelines outlined by the Reserve Bank of India (RBI) in this regard.
The terms of cancellation would be contained within the letter of credit. There is probably an expiration date and some notification procedure for early termination. If not, there are probably conditions contained in the contract under which the LOC is void.
2.50
69$
69$