International Payment

19Jan 2022 by

RequestTimes New Roman 13 – Layout: Left 3cm, other 2cm APA reference

The following terms andcondition are extracted from a MT700 sent through SWIFT system: Sender: SAKURABANK, TOKYO, JAPAN
Receiver: ACB BANK,HOCHIMINH CITY, VIETNAM

20        DOCUMENTARY CREDIT NUMBER   123456789SHB
31C DATE OF ISSUE:               210810

31D   DATE AND PLACE OF EXPIRY  210930 VIETNAM

50 APPLICANT: TOKYOTRADING CO., LTD. TOKYO, JAPAN

59 BENEFICIARY:  DV CO., LTD TOKYO, JAPAN

32B   CURRENCY CODE, AMOUNT     USD 95,000.00

41A   AVAILABLE WITH.BY.         ACB BANK NEGOTIATION

42C   DRAFTS  ATSIGHT FOR 100 PCT OF INVOICE VALUE

42D   DRAWEE:      SAKURABANK, TOKYO, JAPAN

44A   PORT OF LOADING            ANY PORT IN VIETNAM

44B   PORT OF DISCHARGE       PORT OF TOKYO, JAPAN

44C   LATEST DATE OF SHIPMENT:   210910

46A DOCUMENTS REQUIRED:
1.         SIGNED COMMERCIAL INVOICE IN DUPLICATE INDICATING L/C NO.
2.         FULL 3/3 SET OF CLEAN ON BOARD OCEAN BILL OF LADING MADE OUTTO ORDER OF SAKURA BANK MARKED FREIGHT PREPAID NOTIFYING APPLICANT.
3.         FULL SET OF ORIGINAL INSURANCE POLICIES ENDORSED IN BLANKFOR 110 PERCENT OF INVOICE VALUE, SHOWING CLAIM PAYABLE BY A SETTLEMENT AGENTIN TOKYO (WITH NAME AND FULL ADDRESS STATED), COVERING ALL RISKS.
4.         CERTIFICATE OF ORIGIN IN DUPLICATE.
 
48        PERIOD FOR PRESENTATION: WITHIN 15 DAYS AFTER SHIPMENT DATEBUT WITHIN THE VALIDITY OF THE CREDIT
 
Question1: Explainwhat a letter of credit (L/C) is. Discuss the responsibilities of Sakura Bankas mentioned in the above mentioned L/C.
 
Question2: Field 41A indicates that L/C is AVAILABLE WITH ACB BANK BY NEGOTATION.What do you understand by this indication? Please draw a diagram and describethe procedure of payment for this case.

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