Import & Export Financing

Import & Export Financing   Legal framework of International Trade: i. Import & Export (Control) Act –1950 (Sub Section 1 of Section 3) Import Policy Order Export Policy ii. Foreign Exchange Regulation Act (FERA)-1947 iii. Guidelines for Foreign Exchange Transactions (GFET): Vol – I & Vol – II iv. Directives […]

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Sample of SWIFT Letter of Credit

Sample of SWIFT Letter of Credit   sender : SOCIAL ISLAMI BANK LIMITED (PRINCIPAL BRANCH, DHAKA) BANGLADESH . receiver : ICICI BANK LIMITED (GLOBAL TRADE SERVICES UNIT-MUMBAI) IN . 27: Sequence of Total 1/1 40A: Form of Documentary Credit IRREVOCABLE  20: Documentary Credit Number 120209020060 31C: Date of Issue 090915 […]

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Pre-Shipment Inspection (PSI)

Pre-Shipment Inspection (PSI) Legal Framework: Pre-shipment Inspection Rules – 2002 (SRO No. – 255-AIN/2002/1973/Shulka, Dated 19-09-2002 which replaces Pre-Shipment Inspection Order – 1999, Dated 19-10-1999) Amendment of Pre-shipment Inspection Rules–2002 (SRO No. 38-AIN/2008/2188/Shulka, Dated 05-06-2008) Circular regarding exemption from mandatory pre-shipment inspection (SRO No. 193-AIN/2010/2311/Shulka, Dated 10.06.2010) Customs Act-1969 Import […]

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Procedures of Amendment of a Letter of Credit

Procedures of Amendment of a Letter of Credit Amendment to L/C After the opening of  L/C sometimes alteration/amendments to the original terms and conditions become necessary. These amendments involve changes in (i) unit price, (ii) extension of validity of the L/C, (iii) Documentary requirements etc. Such amendments can be effected […]

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Outward Remittance

Outward Remittance Foreign Outward Remittance: Foreign currency being made out abroad may be termed as foreign outward remittance. Purpose of outward  remittance are: a)    Import Bills Payment b)    Payment against Contract or Agreement c)    Travel d)    Education e)    Treatment f)     Membership fees g)    Fees for Application h)    Examination fees (TOEFL, […]

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