Axis Bank issues first LC on dedicated govt-backed platform The deal involved ArcelorMittal Nippon and the bank's client Lalit Pipes & Pipes Limited (LPPL). The bank released an LC on behalf of LPPL, which required such a non-fund-based credit line for a business transaction with ArcelorMittal Nippon Steel, India (AM/NS). The bank will confirm on the full amount of the L/C, not a partial amount; The bank’s confirmation will be terminated if the beneficiary fails to comply with all the terms and conditions specified in the L/C, or the documents are found to be in discrepancy, or documents are not submitted to us, who are acting as the confirming bank The buyer’s bank issues a letter of credit (LC) to the seller’s bank, which guarantees payment to the seller once they have fulfilled the terms of the agreement. The seller then ships the goods to the buyer, and once the buyer receives the goods and confirms that they are as specified, the buyer’s bank releases the payment to the seller 1. Visit the official website of HDFC Bank and log in to your account. 2. Select the ‘Credit Cards’ tab and click on the ‘LG Code’ option. 3. Enter the required details like the credit card number, LG code, and expiration date. 4. Once you have entered the details, click on the ‘Submit’ button. In the international banking system, a letter of undertaking (LOU) is a provisional bank guarantee, under which a bank allows its customer to raise money from another bank's foreign branch in the form of short-term credit. The LOU serves the purpose of a bank guarantee. An Export Letter of Credit, which is also referred to as documentary credit, is a contractual agreement on the part of the the issuing bank, on behalf of an importer, promising to pay the beneficiary or exporter provided conditions specified in the Letter of Credit have been satisfied. The issuing bank will typically use intermediary banks to gqjT. LC discounting is a short- term credit facility provided by the bank to the seller. In this case, LC issuing bank confirms all the original documents and provide acceptance to the confirming bank Letters of Credit (LCs) are the safest and often most convenient means of financing trade related transactions. An LC (Documentary or Standby) is a written undertaking given by a bank (Issuing Bank) to a beneficiary on instruction from an applicant (issuing Bank’s client) to pay the beneficiary at sight, or at a determinable future date, a stated amount of money within a defined time period. 4. The transfer of the LC and the transferred LC shall be governed by the provisions of the Uniform Customs & Practice for Docu mentary Credits and applicable rules of ISBP latest version. 5. We agree to any terms which DIB may set out in the transfer advice in consideration of their agreeing to transfer the LC at our request. 6. A Letter of Credit (LC) is a document that guarantees the buyer’s payment to the seller. It is issued by a bank and guarantees that the seller receives payment on time and in full. If the buyer is unable to make such a payment, the bank pays the full or remaining amount on behalf of the buyer. A letter of credit is issued in exchange for the The first one is known as a commercial letter of credit. It involves a payment which is made directly wherein the bank that issues the letter of credit will need to pay the seller or the beneficiary. The second kind of letter of credit is known as a standby letter of credit where a secondary payment is made.

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