Usance letter of credit
This query is : Resolved
30 March 2012
We have been requested by our customer to issue letter of credit.
a. The Customer has said that Usance interest has to be borne by us.
b. The L/C is for 90 days.
c. if discount the L/c at sight, we will have to bear the discounting charges?
In such a case, will Usance Interest also arise in addition to discounting charge?
a. The Customer has said that Usance interest has to be borne by us.
b. The L/C is for 90 days.
c. if discount the L/c at sight, we will have to bear the discounting charges?
In such a case, will Usance Interest also arise in addition to discounting charge?
30 March 2012
Yes, because discounting charges will be the charges for procedure and other activities of discounting & interest on discounting will be the interest amount that have to pay on amount given by bank to your customer.
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