Interested to Buy Any Domain ? << Click Here >> for more details...
What is letter of credit?
- 2 Answers
- 6792 Views
- State Bank Of India SBI, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / jyoti khattar
It is a document issued by a financial institution on behalf
of its client(buyer) to the seller in international trade
representing buyer's obligation for payment.
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / h.r. sreepada bhagi
Letter of Credit (LC) is a commitment document by a bank or
financial institution to a Vendor/Supplier of goods
(Domestic or International) on behalf of the purchaser, to
pay the money on receipt of the intended goods specified in
the relevant documents as per the agreement between the
buyer & the supplier.
The LC is issued by the Bank/FI on receipt of LC application
and supporting documents (like agreement,quotation/Proforma
Invoice, etc.)and transmitted to the bank of the supplier.
Once the goods are supplied as per the Purchase Order & the
supply terms agreed up on while contracting, the supply
documents shall be submitted by the supplier to their/his
bank, who in turn will verify & forward it to the buyer's
banker. The buyer's banker verifies the duouments, and
remits the money to the supplier's banker, if the documents
are in order as per the Letter of Credit issued earlier. In
case of any discrepancy, it will be dealt with as per the
terms of the LC.
| Is This Answer Correct ? | 5 Yes | 1 No |
what is the difference between Tally ERP and SAP FI ECC?
How to answer for the question, tell me about ur project? I mean in which format can i say?
what is meant by banking securities? how they works?please explain thoroughly.
expand P W D
1) why rbi charges more interest rate in d form of repo while borrowing from commercial banks, and lends at a lower interest rate(reverse repo) to d commercial banks? 2) Do cooperative banks need to maintain policy rates with rbi? 3) why rbi does'nt pay any interest rate on CRR?
what is depreciation ?
A PARTNERSHIP FIRM HAVE TAKEN LOAN FORM BANK THEN WHAT IS THE ENTRY OF LOAN IN FIRMS ACCOUNT .
what type of invoices used in small companies-for the process of accounts receivable.
Expand ________AAR
How can we link a file, directy to Tally for a update ledger report in M.S.Excel ?
ABC ANALYSIS,HMN ANALYSIS
fill in the Blanks Fringe Benifit Tax will be levied on the ___________
Audit 
