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Would stamp duty required or not on bill of exchange of 90 days in Import Letter of Credit?
Wiki User
∙ 12y ago
Yes, it must be charged as per local stamp duty act....normaly 0.2% of local bill amount for any usance or d/a bill l/c.
Wiki User
∙ 12y ago
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What time limit is required for a collection agency to wait before reporting to your credit?
By federal mandate, the credit reporting agency must NOT report you to the credit bureaus until 30 days past the date of the letter sent to you.
What is RDLC one type of letter of credit?
Revolving Documentary Letter of Credit
How do you explain the working of Letter of Credit?
Explain the significance of letter of credit in international marketing?
What is the journal entry to record letter of credit?
I received letter of credit from my customer how i have to enter my entries
What is a divisible letter of credit?
Never heard of it. Perhaps it's a mistranslation of "transferable letter of credit"- which is a letter of credit in which the whole or part of the payment can be transferred from the payee to a 3rd party.
Is this possible to open a Letter of credit opened in one country and import doing in another country by using the same letter of credit?
the letter of credit is opened only for one business with a certain amount
What does RDLC stands for in import and export trade?
RDLC stands for " Revolving Documentary Letter of Credit"
What is import requirement?
Import requirement can be defined as a list of specific documents related to import of goods into any country. Commonly known import documentary requirments are Commercial Invoice, Packing List, Original Bill of Lading, Letter of Credit, Certificate of Origin etc.
What is a certificate of analysis in a letter of credit?
What is a certificate of analysis in a letter of credit? A document required under L/C requesting to analysis the product and to certify it.
How get license from export import?
Ministry of finance issues import or export license. In order to export or import you will have to establish your company, register it with CBR, get an NTN number, open a corporate bank account with listed banks, get LC (letter of credit) from that bank and then you can proceed with your import or export business.
What documentation is required to import goods in India?
Documentation required to import goods in India are Commercial Invoice, Packing & Weighment list, Bill of Lading or Airway Bill (as the case may be), Certificate of Origin from approved Chamber of Commerce, Proforma Invoice or Indent, Letter of Credit (optional), Al form for remittance of payment to overseas supplier through banker, Cargo Arrival Notice from the Shipping Agent etc.
Would stamp duty required or not on bill of exchange of 120 days in inland letter of credit?
The stamp duty can be different in each country. If you are unsure of the cost or of the proper way of dealing with it, it is best to visit your post office for assistance.
What are the functions of foreign exchange department in bank?
Foriegn Exchange department in a bank has following functions: EXPORTS * Pre-shipment Advances * Post-shipment Advances * Export Guarantees * Advising/Confirming Letter of Credit * Facilitating project exports * Bills for collection IMPORTS * Opening letters of credit * Advance bills * Import loans and guarantees. EXCHANGE DEALINGS * Rate computation * Nostro/Vostro Accounts * Forward contracts * Derivatives * Exchange position and cover operations REMITTANCES * Issue of DD, MT, TT etc. * Encashment of cheques, DD, MT, TT etc. * Issue and encashment of travelers' cheques * Sale and encashment of foreign currency notes * Non-resident deposits STATISTICS * Submission of returns * Collection of credit information
How is opening letter of credit different from establishing letter of credit?
Both has same meaning, opening letter of credit establishing letter of credit once letter of credit is opened, credit is established.
Define the meaning of letter of comfort?
Letter of Comfort is a type of Bank Guarantee used for arranging Buyer's Credit. Overseas Banker would ask Indian Bank to provide letter of comfort on behalf of their customer against which they would funds the import transaction.
What time limit is required for a collection agency to wait before reporting to your credit?
By federal mandate, the credit reporting agency must NOT report you to the credit bureaus until 30 days past the date of the letter sent to you.
What is the different between letter of credit and standby letter of credit?
A letter of credit is used as a method to facilitate payment of international trade transactions (ie: the import/export of goods/services).Unlike a trade letter of credit, a standby letter of credit is NOT meant to be used for payment. A standby letter of credit is used as a form of "back-up" guarantee (hence the name "standby") used for a variety of purposes.There are two types of standby letters of credit: Performance Standby L.C. and Financial Standby L.C.Performance Standby's are used to guarantee some sort of performance of a contractual obligation. For example, a construction company building a highway bridge might be required by the highway department to put up a performance standby letter of credit ensuring that they will complete the project contracted or to warranty the work. Under normal circumstances the standby would not be drawn upon, however if the contractor abandoned the project midway through completion or if the bridge were unsafe, the standby letter of credit could be drawn upon for its specified dollar amount.A Financial Standby Letter of Credit is similar in concept to the Performance Standby, but instead acts as a guarantee for payment of financial obligations.For example, companies trading on securities markets are frequently required to have financial standbys in place benefiting the particular stock market exchange which can be drawn upon if they are for whatever reason unable to settle their trades at the end of the day.Financial standby's can also be used in international trade, but in a different manner than standard letters of credit.Normal trade letters of credit are intended to be used for pre-specified shipment(s) of goods or services. The letter of credit requires documents specifically evidencing the trade transaction itself and the letter of credit serves as the vehicle for payment of the trade transaction.When financial standby's are used for trade purposes, they are not intended as a means of payment, but as with all standby's, act as a "back-up" guarantee.Financial standbys frequently are used between buyers and sellers who have frequent, ongoing trade shipments for an extended period of time. The standby acts as a blanket guarantee for the overall obligations of the buyer to pay and does not contains specifics related to any one particular shipment.
