FILED
|
NARRATION
|
DETAILS
|
50
|
APPLICANT NAME & ADDRESS:
CC/CA NO.
|
M/
62205638369
|
59
|
NAME&ADDRESS OF BENEFICIARY:
|
FORMING INDUSTRIES PRIVATE LIMITED
No:13,Phase-IV,Extn IDA, Pashamylaram,Medak
Dist
|
31D
|
EXPAIRY DATE:
&PLACE OF EXPAIRY:
|
05-Sep-14
Hyderabad
|
44C
|
LAST DATE FOR SHIPMENT:
|
15-Aug-14
|
48
|
PERIOD FOR PRESENATION OF
DOCUMENTS:
|
21 Days from the date of shipment
date.
|
32B
|
CURRENCY CODE:
ACMOUNT:
|
INR
Rs-1,00,00,000 ( One Crore Only)
|
39A
|
TOLERANCE:
|
NA
|
41D
|
CREDIT AVAILABLE WITH BANK:( for
negotiation)
|
Negotiation restricted to: Bank
Name :- UCO Bank,
Branch:- Jubliee Hills Hyderabad
IFSC Code: -UCBA0001905.
|
42C
|
DRAFT AT:
|
USANCE, 60 DAYS FROM THE DATE OF
SHIPMENT/INVOICE.
|
43P
|
PARTIAL SHIPMENTS
|
ALLOWED
|
43T
|
TRANSHIPMENTS
|
NOT ALLOWED
|
44
|
MODE OF SHIPMENT
44A& 44E
44F & 44B
|
BY ROAD
FROM: Pashamylaram Medak Dist.AP
FINAL DESTANATION: Punjab and
Rajasthan
|
45A
|
DESCRIPTION OF GOODS:
|
structure material
|
INCOTERMS:
|
EXWORKS.
|
|
CONTRACT DETAILS:
|
Po nos: NSEPL/AZ-19MW/STR-007/14-15 Dt:16-Mar-14 and NSEPL/IBC/STR-001/14-15
Dt:19-Apr-14
PI no:08072014/1 Dt:08-Jul-14
|
|
71B
|
CHARGES DETAILS:
|
1. Applicant bank charges to
Applicant and Beneficiary bank charges to beneficiary.
|
46A
|
DOCUMENTS REQUIRED:
|
1. Drafts for 100% of Invoice
value and one copy.
2. Signed original Packing List or
Delivery Challan and one copy.
3Original Consignee copy of LR.
|
47A
|
ADDITIONAL CONDTIONS:
|
1. Partial Shipments are allowed
2. Applicant bank charges to
Applicant and Beneficiary bank charges to beneficiary.
3. All the documents under this
letter of credit should bear LC number and date.
|
49
|
CONFIRMATION DETAILS:
|
WITHOUT.
|
57A
|
ADVISING BANK:
|
Bank Name :-
Canara Bank,
Branch:- SSI KUKATPALLY, HYDERABAD
IFSC Code: - CNRB0002427.
|
Bill of Exchange to be sent to LC issuing bank
BILL OF EXCHANGE
DRAWN UNDER DOCUMENATARY CREDIT NO: 009LC03140360011, DATED: 06th February, 2014 OF HDFC BANK LIMITED,TRADE FINANCE DEPARTMENT,III FLOOR,8/24,SALCO CENTRE,RICHMOND ROAD,BANGALORE-560025,INDIA. ( LC issued by customer)
NO: NSEPL\BOE\ICICI\13-14/123 DATE: 07-Feb-14
VALUE: RS.10,89,740/-
AT 60 DAYS FROM THE DATE OF BILL OF EXCHANGE, PLEASE PAY TO ----our bank….
OR ORDER A SUM OF RS.10,89,740/- (Rupees Ten Lakhs Eighty Nine Thousand Seven Hundred and Forty Only) AGAINST OUR SALE INVOICE AS MENTION BELOW
SI NO
|
Sale Invoice number
|
Date
|
Amount
|
1
|
IN/NSEPL/NTPC-TPS/2013-14/448
|
12-Jan-14
|
10,89,740
|
Total
|
10,89,740
| ||
For …….. LIMITED
Authorised Signatory
TO,
Customers Bank
TO,
Customer
How to Handle Letter of Credit and Avoid Discrepancies
1.it is important for the seller to provide as much detail (description of goods, availability for shipment, price, INCOTERMS bank name and address etc) in either a proforma invoice or contract of sale.
2.If the seller has any concerns about the financial stability of the buyers country then it would be wise to insist that the LC is confirmed (i.e. guaranteed by a bank in the seller's country
3.Once the purchaser has instructed its bank (the Opening Bank) to issue an LC it should take about two or three days for the bank to create the document and transmit it to the Advising Bank. Most LCs are transmitted by wire and therefore will be with the advising bank within 24 hours of transmission. NB the Advising Bank may not necessarily be the buyer's bank
4.As soon as the seller receives the LC advice it is vital that this document
is examined to both ensure that the terms are as set out in the proforma
invoice or contract of sale and also that any additional terms (such as the
deadline for presentation of documents) can be complied with. The seller should
request clarification from the Advising Bank if there are any terms within the
LC that the seller does not understand. If the seller cannot comply with any
terms then it is important to advise the buyer and request an amendment to the LC.
5.Once the goods have been shipped the seller must ensure that all documents are collated and not only match the terms and conditions of the LC but also are consistent with one another. It is recommended that at least one other person undertakes a second check as familiarity with the documents may well lead to a small discrepancy being overlooked.
6.If there are any obvious discrepancies (such as late shipment) then it would be best for the seller to contact the buyer and request an amendment to the LC. It is not recommended to ask the buyer to instruct the Opening Bank to accept a discrepancy as there is no guarantee that it will do so
5.Once the goods have been shipped the seller must ensure that all documents are collated and not only match the terms and conditions of the LC but also are consistent with one another. It is recommended that at least one other person undertakes a second check as familiarity with the documents may well lead to a small discrepancy being overlooked.
6.If there are any obvious discrepancies (such as late shipment) then it would be best for the seller to contact the buyer and request an amendment to the LC. It is not recommended to ask the buyer to instruct the Opening Bank to accept a discrepancy as there is no guarantee that it will do so
7.If possible have the documents presented for negotiation via
your own bank who should be able to undertake a check against the LC before
dispatch and may even be able to act as the Negotiating Bank and possibly speed
up the process
LC acceptance in case of discrepancy
To, Date: 17-Jan-14
The Manager,
Trade Finance
.
Subject: Request for acceptance and making payment against LC no: 2102414LC0000186
Reference: Co current account number
Dear Sir,
We have issued Letter of Credit no: 2102414LC0000186 Dt: 28-Jan-14 in favour of ……. for Rs-18,80,000(Rupees Eighteen lakhs Eighty Thousand only).
We have received below Bill of Exchanges under the above letter of credit,
SI no:
|
Bill Reference no
|
Date
|
Due date
|
Bill amount
|
1
|
2102414LB0000358
|
13-Feb-14
|
31-Mar-14
|
18,80,000
|
Total
|
18,80,000
|
We have noted all the discrepancies in the documents and give our acceptance for the same.
We here by request you to release the documents lodge under the LC.
We authorize you to debit our current account no: 62265161726 for the amount equivalent to Rs-18,80,000/- (Rupees Eighteen Lakhs Eighty Thousand and Sixty One Only) on Due date.
Kindly note that as per LC Terms discrepancy charges to be borne by the beneficiary.
Thanking You,
For ……..
Authorized Signatory.