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DOCUMENTARY LETTERS OF CREDIT & COLLECTIONS

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DOCUMENTARY LETTERS OF CREDIT & COLLECTIONS

A HANDBOOK FOR BANKERS, EXPORTERS & IMPORTERS

Raghu Palat


More than 85% of all international transactions are conducted using letters of credit, or documentary letters of credit as they are more formally called. Letters of credit are subject to the Uniform Customs and Practice for Documentary Credits, popularly known as UCP, the internationally recognised rules. UCP 500 is the latest version; revised in 1993 it came into effect from 1 January 1994.

Part I of this handbook discusses in detail all aspects of letters of credit:

Types of letters of credit: revocable and irrevocable; confirmed letter of credit; with and without recourse credit; etc.

Opening and advising of letters of credit, including credit application and its processing

Confirming and amending letters of credit

Shipping, financial, insurance and commercial documents involved in letters of credit

Negotiation and settlements, and

Financing and disclaimers.

Using a similar framework, Part II deals with collections equally comprehensively:

Types of collections

The collections mechanism with summary of common discrepancies in bills of exchange

Release of documents

Responsibility of banks, and

Important differences between collections and letters of credit.

Complete with accurate definitions, specimen forms and illustrative examples, this book by an expert banker would serve exporters, importers and professional bankers as a ready-reckoner for letters of credit and collections.

This book is packed with ready-reckoner tools for practitioners:

Operational checklists for credit openers; for issuing, advising, confirming and negotiating banks; and for beneficiaries.

Common discrepancies in letters of credit.

Glossary defining and explaining specialist terms.

Answers to the most frequently asked questions about letters of credit and collections.

Complete text of UCP 500 and Uniform Rules for Collections (UCr 322), the corresponding framework in the case of collections.

"A handy reference book… useful checklists and clarifications"

—The Hindu

An indispensable operations manual and ready-reference handbook for exporters, importers and bankers

—IBA Bulletin

About the author:

Raghu Palat is one of India’s leading writers on banking, finance, taxation and investments. He is known for his perceptive forecasts on shares and his lucid articles in defence and support of salaried employees. A popular speaker, he is a visiting faculty member of the Bankers Training College and the Institute of Certified Financial Analysts of India. He has the honour of being the first Indian to be in charge of the audit of the Bank of England and of predicting the fall in the prices of shares of 1992 (at a time when others were foretelling an unprecedented boom).

A great grandson of His Highness, the late Sir Rama Varmha, Maharaja of Cochin and the late Sir Chettur Sankaran Nair (a member of the Viceroy’s Privy Council and a former President of the Indian National Congress), Mr. Palat was educated at some of India's most prestigious educational institutions— the Lawrence School at Lovedale and the Madras Christian College at Tambaram. He is a Fellow of the Institute of Chartered Accountants in England and Wales.

Raghu Palat lives in Bombay with his wife, Pushpa and two daughters, Divya and Nikhila

Packing Weight 0.85 kg
Author RAGHU PALAT
Publisher VISION BOOKS
Imprint date 0
Page count 200
Book Format Paperback

Categories: Finance

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