With Recourse or Without Recourse Letter of Credit
The 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
Payment procedures in Triangular exports
Who is Stevedores
Who receives the amount of auctioned / resold imported unclaimed/un-cleared goods?
Why demurrage/detention waiver period is required at destination for import
Why do carriers balance weight and volume while charging freight amount in Exports?
Why does Palletization require?
Why labeling and marking in Export business?
The term FCL. What is FCL means
The term LCL. What does LCL mean?
Tips to exporters on Documentation
How does First Appraisement system of import customs clearance procedures work?
How does Letter of Credit work?
How does STP units work in India?
Cancellation of GST Registration in India, FAQ
Click here to know GST rate on Goods and Services
GST Exemption list of goods and services
Find HSN number or Service tariff code for GST
GST registration guidelines
Indian GST Laws
How to export your goods?
Learn exports imports free of cost
Can a person without GST registration claim ITC?
Why separate Registration of GST in each state in India, for each business.
Refund of Input Tax Credit (ITC) of GST, FAQ
Refund of GST paid in India, FAQ
4 Conditions when applying for refund of Input Tax Credit (ITC) under GST
Difference between types of goods and services and types of GST
4 types of Goods and Services in India for GST rate
Difference between IGST on International goods and IGST on domestic goods.
Nil rate of GST on sale of parched paddy or rice coated with sugar
GST slab rate on sale or purchase of Rusks, toasted bread and similar toasted products
GST slab rate on sale or purchase of Waffles and wafers other than coated with chocolate or containing chocolate
GST on purchase or sale of Pizza bread
GST on sale or purchase of Pastries and cakes
Is Letter of Credit LC safe for an Importer?
Is ON BOARD CERTIFICATE required for LC negotiation
What is VACIS exam in US import customs clearance
When can an exporter release bill of lading from shipping company?
When does exporter get EP copy of shipping bill after customs clearance
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
Narrowed payable GST on Raisin
Nil rate of GST on sale of Grapes
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