A letter of credit is a commitment by the bank to pay the seller of goods or services of a certain sum provided the seller presents the documents specified in the terms of the credit.
Required documents for Import Letters of Credit approval
Export Letter of Credit
An export letter of credit refers to a foreign bank undertaking issued on behalf of foreign importer. The issuing bank specifies all the requirements of its customer in the letter of credit and undertakes to honor all drafts drawn in conformity to the credit terms and conditions.
Required documents for Export Letters of Credit approval
In this mode of payment the supplier or seller, surrenders documents to his/her drawer’s bank after which the documents are automatically forwarded to the importers on collection basis.
Required documents for Import – Cash Against Document (CAD) approval
Required documents for Export – Cash Against Document (CAD) approval
Advance payment is a method through which a seller receives payment from a buyer prior to shipment or the agreed upon goods or rendering the agreed upon service.
Required documents for Import – Advance Payment approval
Required documents for Export – Advance Payment approval