JAIIB/DBF Dec 2021|| Letter of Credit || Types of Letter of Credit || PPB & LRAB || AmbitiousBaba

JAIIB/DBF Dec 2021|| Letter of Credit || Types of Letter of Credit || PPB & LRAB || AmbitiousBaba

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Letter of credit also known as Documentary credit is an undertaking from a bank on behalf of its customer (importer/buyer) wherein the beneficiary (exporter) is fully assured of payment provided he fulfills his part of the sale contract embodied in Letter of Credit.

Applicant-Buyer-Importer-Opener : He is the person who applies to bank for Letter of Credit
Issuing Bank : The bank which opens the Letter Of Credit on the request of applicant/Buyer.
Beneficiary-Exporter-Seller : The person who is entitled to receive the benefit under Letter of Credit.
Advising Bank / Notifying Bank : The bank in the Beneficiary/Exporters Country through which the letter of credit is advised to the beneficiary. It only forwards LC to beneficiary and enabling beneficiary to rely on genuineness of LC


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