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Can a inland letter of credit be opened in foreign currency and if YES is there any provision in FEMA to honour the payment in foreign currency?
Wiki User
∙ 12y ago
Yes
Wiki User
∙ 12y ago
Yes, an inland letter of credit can be opened in foreign currency. The Foreign Exchange Management Act (FEMA) in India allows for such provisions to honor the payment in foreign currency, provided there is compliance with the regulations and guidelines outlined by the Reserve Bank of India (RBI) in this regard.
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Should export packing credit should be a rupee based one or foreign currency based one based on foreign currency management skills?
Packing Credit## Foreign currency packing credit (FCPC) Here the loan is taken in the foreign currency itself, when actual payment is received in foreign currency it is directly settled. Here no premium is available to the exporter. b. Rupee packing credit Here the loan is taken in rupee and therefore there is a scope for forward cover. Here the exporter gets a premium which reduces the interest charges.
What is pcfc?
Pre-shipment Credit in Foreign Currency is referred to as PCFC in the Indian banking circles. Some times referred to as Packing Credit in Foreign Currency.
Where can I get information about foreign credit?
A foreign tax credit is a credit for anyone who has worked in another country. Foreign trade credit is an insurance against currency changes for businesses that sell products to foreign countries.
Does navy federal credit union exchange foreign currency?
Navy Federal Credit Union can exchange most foreign-currency's. Some currency exchanges require a days notice, in order for the bank to obtain the correct currency.
Can you pay your overseas education loan through Credit card with 0 percent APR?
Yes, as long as the creditor or school will accept credit as payment. Keep in mind that most credit cards carry a foreign currency conversion fee of 1 - 5% which will be added to your balance.
What is the entry of tds provision?
For a provision you initially debit cost and credit provision. When the provision is released you debit your provision and credit cash. The provision should be adjusted to present value on your balance sheet.
What are provision entries and y they are done in journal entries?
Provision entries are accounting entries made to account for expenses or liabilities that are probable but uncertain in amount. They are done in journal entries to ensure that expenses are matched with the revenues they generate in a specific accounting period, in order to provide a more accurate representation of a company's financial position and performance.
Is provision for credit losses the same as provision for loan losses?
yes it is
What is the definition of credit syndication?
activities connected with joint credit procurement and project financing,aimed at raising Indian and foreign currency loans from banks and financial institutions are called credit syndication.
What currency is used on cruise ships?
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What is meant by the payment term cash on delivery?
Cash on Delivery means that when a package arrives to its destination payment in cash currency only. Credit cards and debit machines are not available to use.
Which is the easiest and safe way to change millions in other currency?
The easiest way to get cash liras is to stick your home bank card or credit card ... You can exchange foreign-currency cash at a Currency Exchange Office.
