Import letter of credit
Opening Import L/C
One of the payment methods in international trade in which the bank, upon request of buyer/applicant in order to purchase and/or order goods/services, undertakes to pay credit to the corresponding beneficiary on the specified maturity date against the documents stipulated in the credit context.
Opening Sight L/C for importation of goods
Terms, conditions and steps for opening L/C
- Obtaining the required legal permits from ministries and competent authorities by considering the rules and regulations of export and import and the corresponding executive bylaws
- Order registration with the Ministry of Industry, Mine and Trade
- Lack of any debts and/or nonfulfillment of obligations by the applicant (including failure to submit the goods customs permit) with the national banking system
- Opening L/C upon completion of the steps for foreign currency appropriation by the Central Bank
- Payment of bank services commission