Collection of Bill under Export Import Trade
In this case, either D/P bill or D/A bill is sent to the correspondent's bank for collection of proceeds from the importer. In case of D/P bill, importer has to make payment to get the documents.
In case of D/A Bill, on receipt of advice from the bank, importer accepts the usance bill by writing the words 'Accepted' with his signature on the usance draft. Then only, importer gets documents of title to goods from the bank. He can get possession of goods and even sells the goods to get the necessary funds to make payment on the due date. In this case, the exporter is extending credit to the exporter, apart from assuming the commercial risk of default in payment as the importer may not pay on the due date, after taking delivery of goods. Soon after the payment is received from the correspondent bank, exporter's account will be credited when the bill is sent on collection basis.
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