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Formalities
Presented by
Nazrul Islam
Sr. Assistant Vice President &
Head of Bashundhara Branch
Prime Bank Ltd; Dhaka
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What is Import?
To bring in, from abroad, something in kind of
goods or services is Import.
Import is regulated by Import & Export Control
Act-1950 with Import Policy Order (IPO)
under the Ministry of Commerce and public
Notices issued from time to time by the office
of the Chief Controller of Imports and Exports
(CCI& E).
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What is L/C?
It is a definite undertaking given by a
bank (issuing Bank) at the request of a
customer (Applicant) or its own behalf
to pay a seller (Beneficiary) against
presentation of compliance document
as per terms and conditions of the
credit.
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Honour means:
To pay at sight if the credit is available by sight payment
To incur a deferred payment undertaking and pay at maturity if
the credit is available by deferred payment
To accept a bill of exchange (draft) drawn by the beneficiary and
pay at maturity if the credit is available by acceptance.
All letters of credits are IRREVOCABLE CREDIT. Revocable
credit is no longer existing according to UCP-600 (2007 Rev)
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Green Clause L/C: is a credit with special clause incorporated into it which
not only authorises the advising bank to grant pre-shipment advances but
also storage cost for storing the goods prior to shipment. It is useful in
situations where shipping space is not readily available, e.g some African
counties. It is so called so because the credit was originally written in Green
Ink to draw attention to the unique nature of this credit. At present this type of
Credit is not in use.
Standby L/C: is a documentary credit or similar arrangement, however
named or described, which represents an obligation to the beneficiary on the
part of the issuing bank to:
a) Repay money borrowed by the applicant, or advanced to or for the
account of the applicant.
b) Make payment on account of any indebtedness undertaking by the
applicant
c) Make payment on account of any default by the applicant in the
performance of an obligation.
This concept introduced by North American country. It is a type of Guarantee.
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Continue...
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Continue...
Issuing
Advising
Amendment (if necessary)
Presentation and
Settlement
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