Trade finance

This query is : Resolved 

22 May 2012

Dear Sir,

Please answer me the query as stated under:-

While opening an import LC ,if an accepted Purchase order is submitted ,Is there a necessity to submit Proforma invoice as well? Or either of the both will do?
Please explain in detail.

Thanks in advance....


Surendra Gupta (Expert)
24 May 2012

While opening import LC at the request of the importer, the LC opening Bank will see:
1. If the item is not covered under OGL (Open General Licence) then the Importer must have import licence
2. The importer should have import-export Registration No. from RBI
3.The importer should have financial capacity to pay for the LC documents as & when they arrive

Bhumika (Querist)
24 May 2012

Thank you Sir, for the above answer,...but my query is not yet solved...I am aware of all the 3 points mentioned by yourself...

Just want to ask whether accepted Purchase Order can be an alternative to Proforma Invoice while submitting an application for opening an import LC...

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