With Recourse or Without Recourse Letter of Credit

With Recourse or Without Recourse Letter of Credit

With Recourse or Without Recourse Letter of CreditThe revocable and irrevocable credits are further classified into "With Recourse" and "Without Recourse" letter of credit. Under 'With Recourse" letter of credit, the negotiating bank can make the exporter liable, in case of default in payment by the opening bank or importer. For this, negotiating bank has to obtain suitable undertaking from the exporter for refund of amount paid, in the event of not getting reimbursement from the issuing bank. Under "Without Recourse" letter of credit, the negotiating bank has no recourse to the exporter. But, if the confirming bank happens to be the negotiating bank, it cannot have recourse to the exporter.

A confirmed letter of credit is without recourse to the beneficiary. Unconfirmed or negotiable credit is always with recourse to the beneficiary.

OBL not released OBL not surrendered no telex release

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Zero rate of GST on sale of guavas

No need to pay GST on purchase of figs

No need to pay of GST on sale of Dates

Nil rate tariff of GST on avocados

No need to pay GST on sale of mangoes

Zero percentage of GST on sale of limes

Zero rate of GST on sale of Lemons

No need to pay GST on sale of Grapefruit, including pomelos

Zero percentage of GST on sale of clementines

Nil rate of GST on sale of Citrus fruit, such as Oranges, Mandarins

Zero rate of GST on sale of wilkings and similar citrus hybrids

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Zero rate of GST on purchase of Melons

Zero percent GST on purchase of papaws

Nil tariff of GST on sale of pears and quinces

Nil tariff of GST on sale of Apples

No need to pay GST on sale of plums and sloes

Nil rate of GST on sale of peaches

Nil rate of GST on sale of cherries

Nil tariff GST on sale of Apricots



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