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Letter of credit

(Querist) 15 July 2014 This query is : Resolved 
My buyer has opened an irrevocable, confirmed,revolving, transferable Letter of credit amounting Rs. 60 lacs.
My bank has received and confirmed it.
I have supplied the material to the buyer amounting Rs. 10 lacs.
The terms of payment in L.C. is 90 days.
Can my bank pay 70% amount of total invoice
of Rs,10 lacs to my accont? before 90 days.
Can my bank ask for colateral property for that.
Regards.
mukund sanghvi
allwin chemicals
Report Abuse
ajay sethi (Expert) 15 July 2014
commercial query . you can afford legal fees
Rajendra K Goyal (Expert) 15 July 2014
It is purely a credit decision, discretion of the Bank.
Devajyoti Barman (Expert) 15 July 2014
commercial query indeed..no reply..d
Sankaranarayanan (Expert) 15 July 2014
Commercial so debut some advocate and find the solutions

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