How many Parties are involved in Letter of Credit (LC) There are mainly 6(six) parties involved in a letter of credit which may be summed up as under: a) Opener: The applicant of L/C or the Importer / Buyer / L/C applicant. b) Opening Bank: The Bank opening the L/C […]
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Short note: Foreign exchange related terms
Short note: Foreign exchange related terms Short note: Foreign exchange related terms Quasi Negotiable Instruments are those Instruments that can be transferred by endorsement and delivery but the transferee does not get a better title that of the transferor. Therefore they cannot be classified as negotiable Instruments and hence the Negotiable Instruments act is not applicable to […]
Read moreThe role of the nominated bank
The role of the nominated bank Learning objectives This chapter describes the role and responsibilities of a nominated bank. By the end of this chapter, you should be able to: ◆◆ describe the concept of a bank ‘acting on its nomination’; and ◆◆ understand what it means to be a […]
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