Discrepancies of Letter of Credit
- Claused/unclean/foul/dirty Bill of Lading.
- Charte–party/stale/third party Bill of Lading (Unless stipulated in the letter of credit )
- ON BOARD notation in B/L updated/unauthenticated.
- Shipment effected from the port other than that stipulated in the credit.
- Goods shipped on deck (Unless stipulated in L/C)
- Full set of Bill of Lading not presented.
- Certificate of the country of origin not provided.
- Certificate notifying the insurance company of shipment not presented.
- Weightment certificate not presented.
- Cuttings/alterations in documents not authenticated.
- Documents inconsistent with each other.
- Description of goods on invoice differs from that in the credit.
- Weights differ between documents
- The amounts are shown in invoice and Bill of Exchange differ.
- Shipping marks and numbers differ between documents.
- Credit amount exceeded.
- Letter of Credit expired.
- Documents not presented in time/stale Bill of Lading.
- Late shipment.
- Short shipment.
- The absence of documents called for in the credit.
- Bill of Exchange drawn on a wrong party.
- Bill of Exchange payable on an indeterminable date.
- Bill of Lading, Insurance documents or Bill of Exchange are not endorsed correctly.
- The absence of signatures, where required, on documents, presented.
- Bill of Lading does not evidence whether freight is paid or not.
- Packing list not submitted.
- Part shipments /transshipment effected not being covered by the L/C terms.
- Notify party differs / not as per L/C stipulation.
- Third party Bill of Lading / short form bill of lading submitted.
- Inspection certificate not submitted.
- Unit price not mentioned in invoice.
- Description of documents on collection schedule differs with documents presented.
- Fumigation/Health certificate (fit for human consumption) not submitted.
- Forwarder’s cargo receipt not acceptable (unless provided in the L/C).
- House Airway Bill not acceptable (unless stipulated in the L/C).
- Shipment details not sent.
- Inspection certificate not duly authenticated by the negotiating Bank.
- Beneficiary’s Credit Report Not submitted.
- Clause No ……….. of the page No…….. of the L/C not complied with.
- HS Code not mentioned in all documents.
- A postal receipt submitted instead of DHL Courier receipt.
- Draft has drawn on ………… Bank only and “ A/C Applicant” not mentioned.
- Courier Receipt not evidencing dispatch on one set non-negotiation docs. under L/C and signed by the sender on proper place / and certificate of beneficiary absent.
- Courier Receipt not signed/chopped by the Courier Company and description of documents not also evidencing non-negotiable documents under above-mentioned L/C.
- Separate shipment advice sent to Insurance Company and ( importer Bank) is not made/only one copy of C.C. sent out of 3 (three) copies.
- Certificate of origin not dully authenticated by the negotiating Bank.
- Country of origin not mentioned in the packing list as per L/C clause No. ………
- B/L sign by ……………… in violating Art. No. of UCPDC600.
- Beneficiary’s certificate of conformity not submitted. Etc.
How to obtain Import Registration Certificate (IRC) in Bangladesh Required Supporting Documents: 1. Attested photocopy of valid Trade License 2. Tax Identification Number (TIN) 3. Attested photocopy of membership certificate …
HOW DOES REPORTING ON ONLINE IMPORT MONITORING SYSTEM Importers are registered under Importers Exporters and Indentors (Registration) Order, 1981 Imports are controlled by CCI&E under Imports and Exports (Control) Act, …
Import Policy Order The Import Policy Order covers a period of 5 years — the last one being for the period from July 2010 to June 2015. As per this …
H S CODE Classification of commodity has been introduced in early nineteenth century in Europe. Internationally accepted coding system was first introduced in 1931 as Brussels Nomenclature and in 1937 …
Post Import Finance: Some time branch faces difficulties in retiring import document against L/Cs opened under arranged post import finance facilities, due to lack of proper documentation formalities. In order …
Import Business of Islamic Bank Import Business : All Islamic bank of Bangladesh runs their import business is mainly divided into the following three categories: i) Import of Commercial goods. …
Foreign Remittance Definition: Remittance represents transfer of fund from one place to another through official channel. Foreign Remittance: Foreign Remittance refers remittance of Foreign currency that are received in …
Stale Bill of Lading What is stale bill of lading A bill of lading is said to a stale it bears a date subsequent to the expiry date of credit …
Charter Party Bill of Lading (CPBOL) This is a contract for the hire of a whole or part of ship setting in detail the rights and obligations of the owners …
Straight Bill of Lading (SBOL) Straight Bill of Lading (SBOL) is one which is made out in the name of consignee. At the port of destination it is not necessary …