Trade finance

Bhumika (Querist) 22 May 2012 This query is : Resolved
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....

Regards

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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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