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STANDARD SCHEDULE OF CHARGES TRANSACTION BANKING CROSS BORDER TRADE AND FOREIGN EXCHANGE PRODUCTS w.e.f. 01.05.2016S.NOSERVICES1IMPORT LETTER OF CREDITAOpening of Sight Letter of Credit(i)Commitment

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What is import letter of credit?

An import letter of credit is a financial instrument used in international trade transactions, providing payment assurance to the exporter.

Who is required to file import letter of credit?

Importers are required to file import letter of credit to guarantee payment to the exporter.

How to fill out import letter of credit?

To fill out import letter of credit, the importer must provide the necessary details of the transaction, such as amount, beneficiary, and terms of payment.

What is the purpose of import letter of credit?

The purpose of import letter of credit is to ensure that the exporter will receive payment for the goods or services provided.

What information must be reported on import letter of credit?

Information such as amount, beneficiary, terms of payment, and details of the transaction must be reported on import letter of credit.

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