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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 the organization of incoming funds.
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.
Learn moreA 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
Learn moreA 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
Learn moreThe zero duty export promotion capital goods (EPCG) scheme allows Indian exporters to import capital goods at zero customs duty, provided they commit to export an amount equivalent to 6 times the duties, taxes, and cess saved on capital goods, to be fulfilled within 6 years from availing of the
Learn moreAn advance customs manifest (ACM) is a document submitted to customs authorities before a shipment arrives at the port of entry. It includes detailed information about the cargo, shipper, consignee, and transportation route and allows customs to pre-screen shipments, ensuring compliance. The advance customs manifest must be submitted at least
Learn moreAn advanced shipping notice (ASN) is an electronic notification sent by a supplier to a buyer, detailing the contents and shipment information of a forthcoming delivery. It typically includes information such as the shipment date, carrier, tracking number, and item details. ASNs help in: * Streamlining the receiving process * Improving inventory
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