What is the meaning of Irrevocable letter of Credit?
Should Letter of Credit treated as confirmation of realisation of export proceeds?
Please advice
Thanks
Letter of Credit
(Guest)
4 Replies
KAMAL SETHI
(MBA (Finance))
(226 Points)
Replied 25 August 2008
Letter of Credit in simple term is a promise to pay been made by bank on behalf of customer. Irrevocable letter of credit is the L/C which cannot be revoked i.e. which cannot be withdrawn.
harish
(manager)
(26 Points)
Replied 06 January 2010
Hi,
Can we change the purpose of FIRC after a year.. kindly guide me. What are all the rules and regulations applicable for this...
Jagjeet Singh
(ca-final)
(174 Points)
Replied 21 January 2010
letter of cedit deal in document not in goods hnce it can not be treated as confirmation of export received
Jagjeet Singh
(ca-final)
(174 Points)
Replied 22 January 2010
LETTER OF CREDIT FACILITY IS GIVEN BY BANK TO omly those customer whoare relaiable hence it can br treated as confiremation oe export receivable
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