TMI BlogThird Country Export - Letter of Credit !X X X X Extracts X X X X X X X X Extracts X X X X ..... WE ARE A STAR EXPORT HOUSE BASED AT CHENNAI ENGAGED IN THE EXPORT OF CONSTRUCTION MATERIALS FROM INDIA TO MALDIVES. OUR CARGO IS CURRENTLY RESTRICTED BY THE GOVT. OF INDIA. WE ARE PLANNING TO SUPPLY THE SAME TO OUR BUYERS FRM A THIRD COUNTRY. WE HAD SOURCED THE PRODUCT FROM A THIRD COUNTRY AND SHALL LOAD THE CARGO FROM THAT THIRD COUNTRY TO MALDIVES IN THE VESSEL. THE VESSEL SHALL GO DIRECTLY FRO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M THE LOAD PORT TO DISCHARGE PORT WITHOUT COMING TO INDIA. WE ARE BUYING THE CARGO IN FOB BASIS AND SELLING IT IN CIF TERMS AS WE SHALL BE PAYING THE VSL FRT. WE SHALL RCV THE PAYMENT FROM OUR BUYERS BY TT UPON COMPLETION OF SHIPMENT. FOR THE PURCHASE OF CARGO FROM THE THIRD COUNTRY, WE NEED TO OPEN A LETTER OF CREDIT TO THE SUPPLIER/SHIPPER. AS WE HAD APPROACHED OUR BANKERS TO ISSUE THE L/C BUT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... WE WERE BEEN INFORMED THE FLWG BY OUR BANKERS "With reference to the request made by you for opening LC for Construction Materials from a third country, our Treasury department has clarified that export to Maldives is banned at present. On the same lines, merchant export to Maldives is also deemed to be exports to Maldives. Hence, LC cannot be issued for purchase of cargo to Maldives thoug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h it is directly exported from the third country" KINDLY, CLARIFY WHETHER WE CAN OPEN A L/C TO OUR BUYER OR NOT. DOES THE RESTRICTION OF EXPORTS BY THE GOVT. RESTRICTS THE EXPORTS FROM THIRD COUNTRY ALSO ? - Reply By Arunan TS - The Reply = WITH REF. TO THE ABV QUERY, THE L/C TO BE OPENED IS IN FAVOR OF OUR SELLER FROM THIRD COUNTRY. - Third Country Export - Letter of Credit ! - Query Star ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted By: - Arunan TS Dated:- 9-5-2013 Banking - Finance - Got 1 Reply - Companies Law - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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