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A Usance Bill of Exchange is a financial document that requires payment at a future date, usually after a specified period from the date of shipment or acceptance. It provides the buyer with a credit period, allowing time to sell the goods before making payment to the exporter, facilitating smoother cash flow management and international trade.
A Usance Letter of Credit, also known as a Deferred Payment Letter of Credit, is a type of letter of credit that allows the beneficiary to draw payment after a specified period, providing the buyer with a credit period. It facilitates smoother cash flow management in international trade by allowing
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Value-Added Tax (VAT) is a consumption tax levied on the value added to goods and services at each stage of production or distribution. It is collected by businesses on behalf of the government and is ultimately borne by the end consumer. VAT is a common method of taxation in many
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A Virtual Account is a sub-account created within a main bank account, used to streamline and manage incoming payments. Each virtual account has a unique identifier, allowing businesses to track and reconcile payments more efficiently without needing multiple physical bank accounts. Virtual accounts simplify accounting, improve financial management, and enhance
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A Vostro Account is a local currency account maintained by a domestic bank on behalf of a foreign bank, allowing the foreign bank to conduct transactions and manage funds in the domestic currency. For instance, if the State Bank of India (SBI) has clients who frequently trade with U.S.
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A waybill is a document issued by a carrier that accompanies a shipment of goods and provides essential details about the shipment. It includes information such as the names of the shipper and consignee, the origin and destination of the goods, a description of the items, and the route. E-Way
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A Recourse Letter of Credit allows the financing bank to claim payment from the beneficiary if the applicant defaults, while a Without Recourse Letter of Credit does not. These terms define the risk assumption between the bank and the beneficiary in the event of non-payment. For example, if Company A
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