In response to a letter of a bank customer give him in details the rules of opening a Letter of Credit (L.C) in your bank.
Posted by Ripon Abu Hasnat on Wednesday, May 28, 2014 | 0 comments
Our
Ref: Enquiry/answer/FEx/import/987/12
Wednesday,
May 14, 2012
Mr. B
46
Nasirabad Industrial Area
Chittagong
1212
SUB: RULES OF OPENING A LETTER OF CREDIT
Dear Sir,
It’s a pleasant
surprise to receive your enquiry on opening a letter of credit. Here below are
the salient rules and requirements for opening a letter of credit:
01. Your company
must have a current account with a bank branch
02. A trade license
from the municipality
03. Import
Registration Certificate (IRC)
04. A certificate
on your solvency from your bank
05. Certificates on
your company’s TIN and VAT from the Revenue Board
06. LCA form to be
duly filled out and signed
07. Some stamped
and chargeable documents like DP Note, IMP form, Letter of Continuity etc. to
be signed.
Your bank will
collect a confidential report from the concerned foreign bank about the
exporter’s ability to supply the commodities you are to import. Your bank will
also examine whether the importable commodities are permissible items and will
crosscheck other info like HS Codes and the genuine price of the importable
goods. Depending on your business background your bank will decide at what margin the Letter of Credit favoring you
as an individual or a company can be opened safeguarding their interests.
Should you need
further details feel free to visit our branch at your convenience.
Thank you so much.
M
Manager
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