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As we have seen the meaning and steps of the L/C transactions in previous article. Now let’s understand the procedure of opening of L/C and documents required of opening Letter of Credit in the bank. L/C applicant must be a client of the bank. If a new client comes in for opening L/C, he has to … Read more
1) Documentary Letter Of Credit : In this type of letter of credit, it is obligatory to send documents of title to goods along with bill of exchange. If the bill of exchange is not accompanied by these documents the bank may not honor the bill of exchange. By document we mean export document which … Read more
A. No change in peak rate. It remains at rate of 10%. B. Change in duty rates with immediate effect (from 11-7-2014) of major items are as follows: Sr. No. Chapter heading Description of goods Rate of BCD Till 10-7-2014 From 11-7-2014 1 29011000 Ethane and other goods 5.00% 2.50% 2 29012100 Ethylene … Read more
There are changes in Custom Baggage Rule 1998 in Union budget 2014-2015. a. The limit on duty free import as baggage has been enhanced with effect from 11/07/2014 as follows: 1. Articles up to Rs.45, 000 other than personal effects can be imported by a passenger of and above 10 years provided such passenger has … Read more
Payment terms are very important aspects in the import export trade. In international trade there are different methods of making the payments. Let’s understand all methods one by one. 1. Advance Payment When exports receive the payment first and ship the goods subsequently, it is called as advance payment. It is good for exporter as … Read more
Meaning Letter of credit is the written instrument issued by the importer’s (buyer’s) bank to the exporters (seller). L/C is the guarantee given by buyer’s banks to remit the amount to the seller according to the terms and conditions based on the contractual agreement between buyer and seller. L/C is the most reliable and acceptable … Read more