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Letter of credit is an arrangement whereby a bank known as opening bank promises
to pay for the goods and services of the suppliers /exporter if documents
representing such export /services are drawn as per the terms and conditions of
the letter of credit.
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We have very wide range of correspondents in the world and almost all the
banks in Turkey from where we get these letters of credit. These l/c s are
advised by us to all exporters /suppliers /sellers.
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We do all the functions from the very start until payment is done and l/c is completely utilized.
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- we verify the authenticity and verify signatures
- scrutinize the text for technical defects and advise the l/c
- confirm the l/c if required or requested
- carry out the amendments or request the same if required
- handle the documents means scrutinize the docs for discrepancies and accept if
correct
- or pay if payment is at sight
- we discount the documents if requested by the beneficiary
- We make assignment and transfer the L/C if requested by the beneficiary and if the L/C is
transferable
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We charge commission for each of these functions although
our charges very reasonable and lower as compared to most of the banks.
In many cases
these charges are being borne be the applicant as per L/C terms.
To receive these services it is not necessary to have any kind of permanent account with
us.
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Confirmation is the additional promise given by confirming bank besides the
promise given by opening bank to the beneficiary of the L/C.
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We also make transfer in a very selective basis in case of transferable L/C.
Transfer is the right to receive the letter of credit from original
beneficiary by a party which he designates.
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We also assign the l/cs if requested by original beneficiary and can be
defined as the right to receive money under letter of credit.
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