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A Non-Transferable Letter of Credit is a type of letter of credit that cannot be assigned or transferred to another beneficiary. Only the named beneficiary can claim payment under this letter of credit, ensuring that the specific exporter receives the funds, thus providing focused financial security and control over transactions in international trade.
A Nostro Account is a bank account that a domestic bank holds in a foreign bank in the foreign currency. It is used to facilitate international transactions and manage foreign exchange. For example, SBI opens a USD account in JPMC in New York is an example of Nostro Account. However
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An Ocean Bill of Lading is a document issued by a carrier for the shipment of goods by sea. It serves as a contract of carriage, a receipt for the goods, and a document of title, enabling the holder to claim the goods upon arrival at the destination port. It
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An On-Board Bill of Lading is a document issued by a carrier confirming that goods have been loaded onto the vessel. It provides proof of shipment, indicating that the goods are on board and the carrier has accepted responsibility. This document is crucial for the transfer of ownership and payment
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Outward remittance is the process of transferring funds abroad from home country. This includes payments for imports, investments abroad, and personal transfers. Outward remittances are regulated by foreign exchange laws and are processed through banks and authorized dealers to ensure compliance with international and domestic regulations.
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Overdue Interest is the additional interest charged on loan payments or debts that are not paid by the due date. This penalty compensates the lender for the delay in receiving payment and serves as an incentive for borrowers to make timely payments. The rate and calculation method for overdue interest
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A packing list is mandated by Foreign Trade Policy - Section 2.06 (a), under which a detailed document is to be provided by the shipper that itemizes the contents of a shipment. It includes information such as the description of items, quantities, weights, dimensions, and packaging details. The packing
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