30 November 2013
www.youtube.com/watch?v=3KGhMXd_rN4
A letter of credit is a means of payment( a payment term in real sense,where seller has a commanding position) in a domestic or international transactions and is a secured process for receiving payment by a seller/exporter.
In a letter of credit transaction, there is a seller ( called beneficiary), a buyer, letter of credit opening bank and a bank advising letter of credit to seller.
I would request you to see a small video in youtube referred above.Your banker will advise you in detail about the process, conditions, charges etc.
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