Meaning of loc( letter of credit),bank guarantee.
This query is : Resolved
15 October 2012
Dear All,
please anybody guide me regarding
letter of credit, bank guarantee, fdr & Margine money........ with proper example
please urgent.....
Regards,
Vikas
please anybody guide me regarding
letter of credit, bank guarantee, fdr & Margine money........ with proper example
please urgent.....
Regards,
Vikas
18 November 2012
Dear Vikas,
1)Letter of Credit: Is a document provided by the bank to the supplier on the request of customer, wherein bank promises to pay the supplier against the invoice for the goods supplied to the customer as per the terms of payment on the due date.It can be Indian LC of Foreign LC.
2) Bank Guarantee: Is a document provided by the bank to the third party on the request of the customer. Wherein the bank promises to pay the third party the promised amount in case the customer fails to keep his promise to the third party.
3)Forwarder:Is an agency who in case of import consignments forwards the consignment from one country supplier) to the other country(Customer).
4)Margin Money: Is the security held by the bank in the form of deposit at a fixed percentage to the value of Bank Guarantee or Letter of Credit issued by bank to its customer.
1)Letter of Credit: Is a document provided by the bank to the supplier on the request of customer, wherein bank promises to pay the supplier against the invoice for the goods supplied to the customer as per the terms of payment on the due date.It can be Indian LC of Foreign LC.
2) Bank Guarantee: Is a document provided by the bank to the third party on the request of the customer. Wherein the bank promises to pay the third party the promised amount in case the customer fails to keep his promise to the third party.
3)Forwarder:Is an agency who in case of import consignments forwards the consignment from one country supplier) to the other country(Customer).
4)Margin Money: Is the security held by the bank in the form of deposit at a fixed percentage to the value of Bank Guarantee or Letter of Credit issued by bank to its customer.
01 December 2012
Thanks .................
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