Letter of Credit
A Letter of Credit (LC) is a written undertaking issued by a bank on behalf of its customer in favour of the beneficiary to pay a certain sum of money against presentation of stipulated set of documents that comply with the terms of the LC. Under an LC, the creditworthiness of the bank replaces that of the customer. ICICI Bank issues, amends and pays sight and usance letters of credit. Customers can benefit from our expertise in structuring the instrument in the best manner.
The ICICI Bank Edge
- Competitively priced
- Quick turnaround time
Import Bill Collections
Documentary Collections are a common and flexible mode of payment for goods purchased from domestic or overseas suppliers. It involves handling of documents by bank in accordance with the collection instruction received from remitting bank. Customers can rely on our expertise in efficient and prompt handling of Import collection documents. This includes direct import bill collection where the import bills / documents have been received directly by you from the overseas supplier and you need to effect a payment against the same.
The initiative provides a payment solution that focusses on open account cross border trade which increases transparency, efficiency and reduction in turnaround time. ICICI Bank clients can now download the import bill of entries pending for payment and initiate payment by simply sharing certain transactional information as against earlier process of sharing multiple documents. The product is available on ICICI Bank’s Trade internet banking channel Trade Online ‘TOL’ within Corporate Internet banking ‘CIB’.
This is a self-service window available to the customer to enable them to match ORM to BoE online. The outstanding bill of entries are shown to the client on the Bank’s Trade internet banking portal where they can match off their outstanding outward remittances with the respective bill of entry. This helps in enabling faster turnaround of bill of entry regularization & regulatory compliance.
Advance Import Payment
Advance import payment is a pre-payment method in which, an importer makes the payment for the items to be imported in advance prior to the shipment of goods. The importer benefits from timely and accurate processing and remittances towards advance payment for imports.
Merchanting trade is where the supplier of goods will be resident in one foreign country, the buyer will be resident in another foreign country and the merchant or intermediary will be resident in India. In simple terms, merchanting transaction is one which involves shipment of goods from one foreign country to another foreign country involving an Indian Intermediary. The Indian trader stands to benefit from our regulatory expertise & efficient transaction processing.