At the request of approved importers, the Bank establishes documentary letters of credit through its correspondents in favour of the suppliers abroad.
In view of the new Rules and Procedures for Import of authorized goods from Third Countries other than India, issued by the Ministry of Trade and Industry, banking procedures require submission of the undernoted documents by the Importer. On receipt of these documents, the Bank can consider payment against imports by opening Documentary Letter of Credit or other means of transfers.
REQUIRED DOCUMENTS
- The valid Exchange Control Copy of Import License in original along with original copy of the same marked for Importer (which will be returned later after opening of LC duly endorsed by the bank to avoid duplication)
- An application for payment towards import from third countries in the prescribed form duly filled and signed by the authorized signatory/person of Company/Government Department, etc.
- Proforma Invoice issued by the Supplier mentioning description of items, unit price, value, quantity/quality, terms of sales i.e. FOB/CFR/CIF etc., terms of payment i.e. on at sight/usance basis, mode of shipment, expected date of shipment and its validity and other terms and conditions if any. Proforma Invoice should also contain the name and full address of the seller’s Bank name, account number and relevant information
- Detailed terms and conditions of the proposed LC on the Standard Application and Guarantee Form duly signed by the Proprietor or authorized signatory and stamped with Nu.10/- Legal Stamp. The terms and conditions of the LC should contain in the application precisely in line with the terms and conditions stipulated in the sales contract or Proforma Invoice to avoid unnecessary correspondences or amendments
For further information, please contact our nearest branch.