Union Bank of India offers Letter of Credit facility favouring overseas suppliers to facilitate easy import of goods.

LC facilities are provided for -

Cash imports on sight or usance upto to a period 360 days of shipment and

less than 3 years in case of capital goods.

LCs are transmitted through Swift to the Advising Bank.

Opening of LC -

The LC application will be received on the prescribed format

The concerned officer will verify / ensure verification of the signature on the application.

No rubber stamp / initials are to be put on the stamped LC application form which is a security document

On verification the system will pass the following entries :

i) Dr. Customers liability for acceptances of, LCs (Foreign) (at BC selling rate)
Cr. Liability for acceptance of LC (Foreign)

ii) Dr. CD/CC/A/c Cr. Income A/c commission on Imp LC
Cr. Exp. A/c. Telegram (Swift charges)

For more details here is the attachment



Contact-

All-India Toll Free number : 1800 22 22 44 / 1800 208 2244
Charged Numbers : 080-25300175
Dedicated number for NRI : +918025302510

Attached Files

Union Bank Of India Letter Of Credit.pdf (848.4 KB, 325 views)