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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