Regulatory Alerts2010-12-12
Added · Updated
FEPD Circular Letter No. 1693 : Opening LC against Sales Contract
The document clarifies that sight or usance letters of credit opened against export contracts are not unacceptable under foreign exchange regulations, as they are tantamount to back-to-back letters of credit. It notes that while the Import Policy Order 2009-2012 allows such openings, the applicability of bonded warehouse facilities remains subject to the National Board of Revenue. Authorized Dealer banks are instructed to confirm receipt and bring the content to the notice of all concerned.
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