Third Country Export - Letter of Credit !

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hird Country Export - Letter of Credit !<br> Query (Issue) Started By: - Arunan TS Dated:- 9-5-2013 Last Reply Date:- 9-5-2013 Banking - Finance<br>Got 1 Reply<br>Companies Law<br>WE ARE A STAR EXPORT HOUSE BASED AT CHENNAI ENGAGED IN THE EXPORT OF CONSTRUCTION MATERIALS FROM INDIA TO MALDIVES. OUR CARGO IS CURRENTLY RESTRICTED BY THE GOVT. OF INDIA. WE ARE PLANNING TO SUPPLY THE SAME TO OUR BUYER....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....S FRM A THIRD COUNTRY. WE HAD SOURCED THE PRODUCT FROM A THIRD COUNTRY AND SHALL LOAD THE CARGO FROM THAT THIRD COUNTRY TO MALDIVES IN THE VESSEL. THE VESSEL SHALL GO DIRECTLY FROM THE LOAD PORT TO DISCHARGE PORT WITHOUT COMING TO INDIA. WE ARE BUYING THE CARGO IN FOB BASIS AND SELLING IT IN CIF TERMS AS WE SHALL BE PAYING THE VSL FRT. WE SHALL RCV THE PAYMENT FROM OUR BUYERS BY TT UPON COMPLETION....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... OF SHIPMENT. FOR THE PURCHASE OF CARGO FROM THE THIRD COUNTRY, WE NEED TO OPEN A LETTER OF CREDIT TO THE SUPPLIER/SHIPPER. AS WE HAD APPROACHED OUR BANKERS TO ISSUE THE L/C BUT WE WERE BEEN INFORMED THE FLWG BY OUR BANKERS "With reference to the request made by you for opening LC for Construction Materials from a third country, our Treasury department has clarified that export to Maldives is b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....anned at present. On the same lines, merchant export to Maldives is also deemed to be exports to Maldives. Hence, LC cannot be issued for purchase of cargo to Maldives though it is directly exported from the third country" KINDLY, CLARIFY WHETHER WE CAN OPEN A L/C TO OUR BUYER OR NOT. DOES THE RESTRICTION OF EXPORTS BY THE GOVT. RESTRICTS THE EXPORTS FROM THIRD COUNTRY ALSO ? Reply By Arunan TS....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....: The Reply: WITH REF. TO THE ABV QUERY, THE L/C TO BE OPENED IS IN FAVOR OF OUR SELLER FROM THIRD COUNTRY.<br> Discussion Forum - Knowledge Sharing ....